Prenuptial Agreements Pros And Cons

A prenuptial agreement also known as antenuptial and premarital agreement is a legally binding contract entered by a couple before marriage for the purpose of protecting the division of property and assets in the event of a divorce. Each States in the US is govern by its own prenuptial rules. Both parties should have ample time to review and sign the prenuptial agreement at least four months before the wedding, for obvious reason being, that the couple will focus on the contract rather than to concentrate on their marriage. Either of the parties should not sign such an agreement under the influence of alcohol.
Many years ago a prenuptial agreement was not as common as today’s new generation norm which many may think that it is for the rich, but some couples are entering for their own means such as going back to school, caring for a parent and the cost of raising a child. A spouse may have a prenuptial agreement in place …show more content…
Also, each spouse has equal rights of marital property to make a decision including whether it involves selling a property or giving away. A prenuptial agreement works the other way around to protect a spouse property and asset acquired prior to marriage. Every couple situation is different and they should decide if a prenuptial agreement can be of benefit to them.
The upside of Prenuptial Agreement o Protect each spouse property separately o Can protect the inheritance rights of children and grandchildren from previous marriage o Separate marital and community property o A spouse lifestyle and spending habit should be considered. If one party is responsible and the other is irresponsible a prenuptial agreement is needed. o A prenuptial agreement can protect a debt-free spouse from the other spouse assume