Should You Get a Prenuptial Agreement? Pros and Cons
Prenuptial agreements are frequently misunderstood. Many tend to believe they are intended for celebrity couples and millionaires, or that they signify the end of a marriage before it has even begun. These preconceived notions, however, are far from the truth. It might not be the most romantic topic to discuss with your future spouse, but the fact of the matter is that a prenuptial can provide some benefits for both of you. Read on to learn about the pros and cons of getting a prenuptial agreement before you tie the knot.
- You are prepared for the worst case scenario: A prenuptial agreement does not mean you and your future spouse expect your marriage to eventually fail. The truth is that you might never actually need it. Having one in place simply means that, should the worst case scenario occur and you end up calling it quits and parting ways, you will not have to haggle over issues like spousal support or property division. A well-written prenuptial agreement will have already laid out what you and your spouse can expect to happen in a divorce, saving you time, heartache, and money.
- Your financial assets will be protected: You do not have to be a millionaire to want to protect your personal assets. Perhaps you have a trust fund, or a business you built from scratch, or assets you simply want to ensure remain with you in the aftermath of a divorce. To avoid the co-mingling of certain assets, you can clearly divide them in a prenuptial agreement and keep them off the chopping block.
- It creates the perfect opportunity for a meaningful conversation: Developing a prenuptial agreement means you and your future spouse will have to sit down and have a serious discussion about finances and lifestyle. Is it the sexiest conversation you will ever have? No, but it will strengthen your bond because you will learn a lot about each other and where you both see yourselves in the future. It is a different kind of intimacy and, when done right, can be a positive thing for a marriage.
- The timing might feel awkward: No one thinks about a prenuptial agreement until they begin planning for a wedding. Unfortunately, this makes the timing of it feel a bit odd. It requires couples to plan their future while they also consider what might happen if they were to divorce.
- It might be a deal breaker: As you are developing this agreement, one party might not like the direction in which it is headed, and cannot agree to it. It might even create some bad feelings, which can set a negative tone for things to come. You will both have to decide if this means you cannot move forward with a marriage.
Prenuptial Agreements in Rancho Cucamonga
If you are planning your wedding, crafting a prenuptial agreement can be incredibly beneficial, but how you word it is critical. At Chung & Ignacio, LLP, we have the skill and ability to draft an effective agreement for you and your future spouse.
Contact us today at (909) 726-7112 to schedule a free consultation.