If you're currently engaged, it may be the right time to start considering the benefits of a prenuptial agreement. A prenuptial agreement protects both spouses by clearly outlining the terms should they eventually decide to divorce. While it's never pleasant to think of the possibility of divorce, relationships can change over time. Many people get divorced twenty or thirty years following their marriage, which leaves them with significant amounts of property to separate. A prenuptial agreement simply makes it easier for two parties to separate without any disagreements. Over time, both individuals may find that they acquire wealth together and it can be difficult to determine who owns what. The prenuptials that Jacksonville, Gainesville, Daytona, Fort Walton, Fleming Island and Boca Raton residents create before their wedding will allow them to operate knowing how items will be split up later on, and this will educate their decisions throughout their relationship.
How a Prenuptial Agreement Protects Both Parties
A prenuptial agreement is simply a legal document that outlines how your wealth shall be distributed after you separate. The agreement protects both parties from a lengthy legal debate. With prenuptials you already know how a divorce will go and can plan accordingly. If you're aware that your material goods will be split directly down the middle, as an example, you will be able to plan for this scenario. A prenuptial agreement also protects both parties in the event that one of them accrues significant wealth later on in the marriage. Prenuptial agreements can even be used to sort out other issues following a divorce, such as who would get the family home and who would have to move.
Why Prenuptial Agreements Are Becoming More Important
Prenuptial agreements are more important than ever. Many people are getting married later in life, after they have already accrued significant amounts of wealth. You may not realize how much you stand to lose until you actually go through a divorce. The retirement funds that you created before your marriage could still be up for grabs when you end up in the throes of a divorce without a prenuptial agreement. The same goes for cash accounts and property that you purchased, even if it was long before you even met your spouse. Depending on the amount of time you've been married and other factors, you could find yourself losing everything through a relatively new relationship.
Bringing Up a Prenuptial Agreement
It can be difficult to bring up the topic of a prenuptial agreement with a potential spouse. It's important to note that the prenuptial agreement is to protect both of you and that it's a standard legal contract. Marriage needs to be treated as a legal transaction because, in many aspects, it is a legal transaction. Without prenuptials you will not be able to protect yourself financially. It may not be romantic, but it's best for both parties. It may be best to bring up the necessity of a prenuptial agreement early on in the engagement so that it doesn't come as a surprise. When a prenuptial agreement comes up, you should stand firm.
Saving Money with a Prenuptial Agreement
The prenuptials that you create will eventually save you significant amounts of money. With a prenuptial agreement, there won't be any costly legal battles regarding property or cash. Instead, everything will have been clearly outlined through the cost-effective acquisition of a prenuptial agreement many years before. Legal costs through a divorce can get quite high but they are absolutely necessary to protect your assets when going through a divorce without a prenuptial agreement.
The drafting of a prenuptial agreement is usually a fairly simple and painless process. Once you and your partner begin discussing the possibility of a prenuptial agreement, it will become much easier. You and your partner can develop an agreement that is fair to you both and can consider the future as well. A prenuptial agreement is an excellent way to build the foundation of a marriage that lasts. Marriages thrive on openness, honesty and trust. With a prenuptial agreement, you aren't taking any trust away from the relationship. Rather, you are showing your partner that you want to take care of both of you in a clear and straightforward manner. Your family law attorney in Jacksonville, Gainesville, Daytona, Boca Raton, Fort Walton or Fleming Island can help you develop a prenuptial agreement that is fair and that will allow both of you to move on with your lives should you choose to do so separately. Prenuptials are no longer rare. People are finding that they need to protect their wealth, their children and even their spouse from the potential financial issues related to a divorce.