As you are planning to get married, it can be beneficial to think about your plans beyond just the day of the wedding. It is prudent to consider financial roles, responsibilities and even what will happen in case of eventual divorce. One of the ways you can do this is to draft a prenuptial agreement.
Some Missouri couples fail to draft a prenuptial agreement, even if they think it could be beneficial because it seems to be planning for the marriage to fail at some point. In reality, it is not planning to divorce in the future, but instead, it is putting protections in place in case of contingencies down the road. If you are considering this step, it is smart to think about both the pros and potential cons of this decision.
Why should you consider this step?
There are many benefits to having a prenuptial agreement, even if you do not believe there is any reason to have one. Some of the benefits to this include the following:
- It can allow you protect an existing estate plan
- A prenuptial agreement will enable you to outline what is marital property and what is separate property.
- It allows you the chance to legally establish any special financial agreement between you and your spouse.
- You can outline the division of any marital debt in case of a divorce.
One of the benefits of a prenuptial agreement is that it can significantly reduce the conflict associated with property division in case of a divorce. Making an effort to draft a prenuptial agreement before you get married can save you both time and money in case the marriage does not go as planned.
A prenuptial agreement cannot allow you to address issues of child custody or child support. When drafting a prenuptial agreement, it is smart to consider state laws and other factors that could undermine the enforceability of your prenuptial agreement in the future,
Shielding your future interests when getting married
Getting married is an exciting time, yet it is smart to go ahead and take the steps necessary to protect your future. Some couples find that the discussions they have when working through prenuptial agreement and family law issues can actually help them come to a better understanding of their financial roles and responsibilities, as well as perspectives on finances.
Before you get married, you may find it useful to seek a full understanding of the legal ways by which you can work to protect yourself long-term.