What Are the Pros and Cons of Prenups?

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If you and your fiance are ready to say “I do,” you may want to consider discussing a prenuptial agreement with your partner before signing your marriage document. However, if you are unfamiliar with this document, doing your research is essential to determining whether or not this is right for you and your partner, including the benefits and downsides to this record. Prenups are nuanced agreements requiring the help of a Bergen County, New Jersey prenuptial agreement lawyer to help you navigate this process.

What Are Prenups?

Prenuptial agreements are legal contracts that two people create before they are legally married. Generally, this document will outline all of the assets each partner brings into the marriage and what will happen to their separate and marital property in the event that they divorce. This is a great agreement for many people, as divorces can be a contested issue when dividing and distributing your assets. In many cases, couples where one spouse has significant debt, has been married before, or has children can benefit from a prenuptial agreement.

However, this must be signed within a specific time period. Waiting too long can lead to a postnuptial agreement, and signing too close to your wedding date can be considered duress. Ensuring you properly plan to sign the document within enough time is essential.

What Are the Pros and Cons?

Like anything, there are pros and cons you must weigh before deciding if this agreement is a good choice for you.

One of the most significant downsides to prenups is that it can be awkward and unromantic to talk about leading up to your wedding day. If you and your fiance are not on the same page in regard to this agreement, it may cause tension or disagreements. However, it’s essential to remind your partner that this document protects both spouses should you divorce.

Luckily, the pros of this agreement outweigh the cons, in that signing one is a great way to protect both your and your partner’s finances should you get divorced. If you have a significant amount of debt, your partner will not inherit it, nor will they receive half of your business, should you choose to include these in the stipulations. Also, it helps speed up the divorce process, as the distribution of assets is one of the most contested issues during a divorce. This inevitably delays the process, making both spouses frustrated with each other.

How Can an Attorney Help?

Ensuring you have an attorney to help you and your spouse create an agreement about how you wish to split your assets during a divorce is essential. As this is a legally binding document, having a lawyer guide you through this process is a must.

At HD Family Law, we have the necessary experience to help guide you through this process. Contact us today to learn how we can help you and your soon-to-be spouse with this process.

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