Prenuptial agreements are often seen in a bad light and can be seen as a way of putting a damper on something before it even starts. While money is one the main reasons people enter into this agreement, it is also a way of ensuring that you provide for yourself first. While this may be seen in a negative light it is not always the reason for this type of agreement to be set up.
A prenuptial agreement is an agreement or contract put in place to protect not only your assets but also your partner’s assets. It is a way of coming together beforehand and deciding to build a future together without bearing any claim over previous assets or money they may have obtained before the marriage. It is also a contractual agreement between two people that will state that everything owned prior by them getting married will remain only theirs. If ever there should be an unfortunate event of divorce, it will lessen the arguments and court cases as there will be more clarity on what belongs to whom.
A prenuptial agreement can be useful especially in the event where there are children from previous marriages. This would mean that you are able to protect your kids in a sense that you can protect their inheritance or what may be entitled to them in the event of death.
A prenuptial agreement also allows you to set out your financial expectations beforehand. It allows you to set up and stipulate what you wish for your children to inherit or what you feel your family members deserve. Signing this type of agreement does not mean you believe your marriage will fail or that divorce is inevitable, it merely helps you protect the assets of yourself, your children and your spouse. In the worst case scenario where divorce does occur it eliminates the unnecessary battle over money and assets and children. The agreement can also be used by some people to come to an agreement of how the children will be cared for and where they will stay in the event of a divorce.
While many perceive this as a lack of trust within one’s partner, it does not have to be a negative thing. It is an agreement that brings clarity and allows you to make decisions beforehand. Prenuptial agreements can cause drama before marriage as your future spouse may not be too happy. That is why it is important to have the intentions of this agreement explained properly so that it can be understood by both parties involved.
While this agreement is legal and binding, there are some loopholes in this contract. Untruthful reports of your assets and fraud may deem this agreement null and void or invalid. So it is important to disclose all information truthfully to avoid it being deemed invalid. So while some people see this as a negative thing, people who have their partner’s best interest in mind will see that a prenuptial agreement can be a benefit to both parties involved and an advantage in most cases when the worst occurs.