Marriage isn’t just a relation that brings two people together, it’s the camaraderie of families, and it’s the union of two souls and a bond of their related affairs. Taking care of one another financially and emotionally is what this relation is all about. Sometimes saying ‘I Do’ at the altar doesn’t always suffice the relation and its clauses that you are about to enter therefore you tend to set things straight before you enter this holy matrimony.
Prenuptial agreement or the Prenup is an official settlement or the legal and financial affairs of the spouses to be, which dictates the state and division of assets and some personal matters before you officiate the marriage. It is also known as the premarital agreement that defines the fine line of how matters would move along once the wedding has taken place and how much each spouse is entitled to the wealth they are about to share. It also takes care of the financial matters in event of a divorce. It’s not a bad idea to take some precautionary measures as the life we all know is highly unpredictable.
Reasons to Have it
Whilst many would argue against the prenuptial agreement, there happen to be a number of reasons why it might be a great idea for starters.
1. In event of a divorce:
This being the primary motive behind having a Prenup, has the added advantage of when things go chaotic and sour in a relationship. The alimony, property settlement is done in advance which saves the fuss, the unrests and fear of the unknown. You go into something, with full awareness of your rights and belongings. A simple prenuptial agreement gives you the confidence that when you are no longer married, you still have your back protected.
2. Saves future disagreements
When you’ve entered in a marriage, settlement of such sensitive matters is crucial but also presents chaos, disagreement afterwards. So Prenup allows you to talk freely before your spouse, you would know their perspective and you wouldn’t have to bear through unnecessary disparity. This ensures that you both are on the same page in terms of monetary or financial matters. It saves you from future surprises of any sort.
3. Strengthens your bond:
Having gone through discussions regarding such matters allows you to see for yourself, where you stand in a relationship. You not only find your compassion and feelings for your spouse but also build a better communication network with one another. You understand your spouse’s concerns, motives, feelings and whatnot. It only helps you glue more strongly together. It sort of is a highlight and glimpse of what your married life would be.
4. Avoid Court and lawsuits:
Many couples go through a rough patch when alimony isn’t settled or terms and conditions aren’t defined. They end up facing bitter situations. Lawsuits are filled and endless court proceedings add the bitterness to the existing dread they are going through. Prenuptial agreements are meant to ease the pain of that and allow you to part your ways in a civil manner.
5. Who’s Responsible for what?
Everyone has their baggage in the form of debts and liabilities. It is possible that the person you intend on marrying is bringing in a lot of debt with him. A Prenup demarcates your liabilities and debts from that of your spouse. You know exactly what you are responsible for and how you are going to pay that off without posing a burden on your better half.
Types of Prenuptial agreements:
There happen to be many different types of prenuptial agreements. The significant two we shall be considering are simple prenuptial agreement and the other one is a standard prenuptial agreement. Both differ in terms of clauses they have. Both have same format just the terms and condition may exceed in one and remain standardized in the other. It solely based on the will of spouses, which of the sort they would most prefer. What sort applies to their situation and how they would proceed with it? It is entirely their will and that of the attorney to sort matters for them.
It is never entirely about the money:
People are of the opinion that Prenup is signed just for the financial settlement which is entirely wrong. They aren’t just the financial contracts. There is more to picture than just a few bucks. It is the family, ownership of it, custody of children, religious differences and whatnot. All these may seem trivial at the moment but they turn out to be life changing in later life. It is only a sensible thing to do to settle this thing. Divorce is not always the situation that is the outcome of marriage, what if one of the spouses dies? These matters are for that reason and therefore shouldn’t be taken for granted and left for later times. Decisions made now are better than ones made afterwards when the times are tough. You don’t know what chapter of life, what leaf is turned at a certain point.