Pre or postnuptial agreements can help a couple achieve peace of mind, consensus on important issues, financial protection and a smoother separation.
Premarital and postnuptial agreements were once considered a necessity primarily for high-asset individuals and couples with disparate financial backgrounds. Today, however, many people in Lewisville turn to these agreements to provide mutual protection in the event of a divorce. A premarital or postnuptial agreement can offer various invaluable benefits that make drafting one of these contracts worthwhile for couples of almost any financial background.
1. Financial security
A well-crafted premarital or postnuptial agreement can protect the financial interests of both spouses and any of their dependents, including ex-spouses and children from prior relationships. As The Wall Street Journal explains, these agreements can do all of the following:
- Protect each spouse’s separate property from future claims
- Determine how property that a couple acquires while married would be divided in the event of a divorce
- Stipulate whether one spouse would be responsible for paying the other spouse alimony after a divorce
A premarital or postnuptial agreement that holds up during divorce proceedings can eliminate disputes about these elements of the divorce. This can further protect spouses financially by reducing their legal costs.
2. Defined expectations
Drafting a pre- or postnuptial agreement can also be beneficial because it can help a couple establish similar financial expectations, according to U.S. News. Financial issues are a common cause of marital fights. Drafting a formal agreement about these matters can help couples ensure that they hold similar or at least compatible views about potentially contentious topics, such as alimony obligations in the event that one spouse leaves the workforce to support the family.
3. Peace of mind
A preexisting agreement may also help mitigate the stress and uncertainty that can arise during a contested divorce. Since family law judges use discretion and subjective criteria to decide matters such as marital property division, predicting how a contested divorce will end can be challenging. Spouses who draft premarital or postnuptial agreements can feel confident in receiving a tailored, fitting outcome in at least one component of the divorce settlement.
4. An efficient separation
Finally, a pre-or postnuptial agreement can support a more expeditious divorce by determining certain aspects of the settlement in advance. Of course, this is only the case if the agreement is not challenged during the divorce. According to Forbes, these agreements may be contested on various grounds, including fraud, overly unfair terms or coercion on the part of either spouse. Therefore, it is essential for spouses to avoid signing these agreements under questionable circumstances.
Accordingly, spouses who wish to protect themselves with a pre or postnuptial agreement should consider partnering with an attorney who has experience drafting these contracts. An attorney may be able to help a spouse understand his or her rights and avoid harmful oversights when signing one of these agreements.