A prenuptial agreement is a document you can use to protect your assets should your relationship result in divorce. While many people don't want to think about divorce before they even get married, it is important that you consider the things that could go wrong in any relationship. Here are some pros and cons of prenuptial agreements.
Pro: Your Entire Family Benefits
First, keep in mind that you're not the only person who benefits from a prenuptial agreement if you choose to end your marriage. If you simply want to ensure that your family will be taken care of in the event that you are ill or pass away, then the agreement can include explain who your spouse should care for. List the people you want to be taken care of with your assets, including your children, parents, and friends.
Con: You Don't Always Benefit
Of course, your prenuptial agreement will not only benefit you. For instance, your agreement might indicate that neither you nor your spouse will inherit the other's property if one should die. You may be giving up something that might otherwise be your right as a spouse.
Pro: Your Business Is Safe
Your prenup can also protect your business. If you and your spouse divorce, your business does not have to be divided into different parts.
Con: Your Contributions Aren't Safe
If your prenuptial agreement claims that you and your spouse will keep your business separate, you may feel dismayed if you divorce and learn that your contributions to your spouse's business do not mean that you are entitled to any of the profits.
Pro: Your Debt Remains Separate
If you know that your spouse has a lot of debt, you might want to include in your prenuptial agreement that you want to keep your debt separate. This way, you are not straddled with your spouse's debt if he or she passes away, allowing you to maintain separate financial situations.
Con: You Might Change Your Mind
Over time, you may want to make adjustments to your agreement, which can bring up some emotional concerns. It is normal to be unsure about how to approach these issues in a relationship, but it is still wise to speak about your agreement and finances.
Talk to a Family or Divorce Attorney
An attorney is the best person to talk about your prenuptial agreement with. Your agreement needs to be airtight to ensure that there are no loopholes. Make an appointment with a divorce attorney today to discuss writing your prenuptial agreement.