What can a prenuptial agreement do for your marriage?

Many people may assume incorrectly that a prenuptial agreement is only beneficial to engaged couples who are nervous about the possibility of divorce. However, that is not the case. A prenuptial agreement is not a fail-safe for faulty marriages. A prenuptial agreement is a sign of a confident and prepared couple who would rather tackle potential problems early.

With a prenuptial agreement, you can rest easy knowing that, if the time ever came, you would be able to dissolve the marriage in a mutually-beneficial and compassionate way.

There are three steps every couple should take when creating a prenuptial agreement:

1. Disclose Assets

Both of you should take this opportunity to be honest with each other about every owned asset. This includes land, houses, bank accounts, investments, etc. If someone hides assets, this could be grounds to throw out the prenuptial agreement during a divorce.

2. Determine Division

It is reasonable to expect to leave the marriage with what you had when you entered it. However, some property can become shared during a marriage if your spouse uses it, too. This could be the case if you owned a house before you were married and then shared the house as a family home. If you’d like to keep certain property separate, it is important that you indicate that in the prenup.

3. Decide Support

Often, one spouse is the primary earner in the household. You can take this time to come up with an amount that is reasonable for both parties. Keep in mind that a prenuptial agreement does not address child support.

Without a prenuptial agreement, divorces can be incredibly messy. Arguments about spousal support and property division have the potential to drag out for months. Both of you could suffer emotionally and financially during this time. Choosing to make a prenup is not submitting to an eventual divorce.  A prenuptial agreement gives you the freedom to enjoy your time together without impending disagreements looming over the marriage.