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What are the benefits of a prenuptial agreement?

Prenuptial agreements get a bad reputation. While it may be fair since this type of agreement looks to the end of a marriage that has yet to begin, there are many benefits to a prenuptial agreement.

Money Talks News explains that this type of agreement can benefit both individuals as long as you each have the proper legal representation and time to carefully read through the document.

Important tasks

A prenuptial agreement serves as protection for both parties to allow them each to control and maintain property or assets they bring into the marriage. It can also outline marriage duties and responsibilities, which can bring to light areas where you may not be compatible. It can help open communication, which can result in a stronger marriage.

This document also allows you to work out other issues surrounding your expectations and your preferences when it comes to the assets you bring into the marriage. It can also serve to help outline some estate planning issues and to protect your business if you have one.

Safeguards

A prenuptial agreement creates a situation where you maintain control. It prevents the situation where you decide to get a divorce, but you cannot come to an agreement and the court ends up handling the division of your assets, which in turn, can make a potential divorce move more quickly. It can allow you to keep assets in your family and protect the inheritance of your children. It also keeps things fair. You can also use a prenuptial agreement to protect yourselves from the other person’s debts.