What Is A Prenup
A prenup, also known as a prenuptial agreement or premarital agreement (PNA), is a contract a couple enters into before marrying each other. This contract can include any terms for the marriage, but it’s generally used to layout provisions on the division of property, spousal support, child support, and other asset-related issues in the event of a divorce or a breakup of the marriage.
Why You Should Get One
This is why many people shy away from getting premarital agreements, believing that getting into one is somehow saying that it shows lack of trust in the relationship, or that asking your partner for one somehow insinuates that you don’t trust them. However, prenups are very important and quite practical, and one shouldn’t let their emotions get the better of them when deciding to get one. The main reason to get a prenup is that it prevents bigger headaches and disputes should a couple ever split up. If you’re still not convinced, here are other reasons why you should get a prenup before your marriage:
It Stays in the Family
A prenup isn’t just for you, but also for your heirs. A prenup can ensure that your family assets would stay with your family in case of divorce. This includes property and assets.
Fair Distribution and Business Protection
A prenup eliminates the risk of losing wealth and assets and ensure that both parties receive assets fairly upon breaking up. Divorce lawyers highly suggest getting a prenup if one of the partners have more assets or earns more than the other. If you, your partner, or both of you own a business, a prenuptial agreement can help out with any disputes as with ownership and share of the business.
One of the best reasons to get a prenup is to protect yourself from debt. It’s a very likely scenario for one to discover their spouse’s poor spending habits and numerous debts which you may end up ‘inheriting’ upon the breakup, and a prenuptial agreement can shield you and your assets from your ex-spouse’s debt.
Ensuring the Kids’ Future
Divorce would greatly affect your offsprings, and a prenup can protect your and your children’s property rights, and the agreement may also include terms for child support upon divorce in order to secure the financial safety of the children.
Numbers Don’t Lie
Getting married is intended to be a lifetime commitment, but even couples who are deeply in love and care for each other could still end up getting divorced. Although the divorce rate has significantly decreased by 18% between 2008 and 2016, the marriage rate in the US is at 6.9 per 1,000 population while the divorce is at 2.9 per 1,000 population according to the CDC. As such, the numbers clearly show that divorce is still relatively high and common, which is why it’s best to be prepared with a prenup.
A prenup doesn’t mean that you don’t trust your partner or the relationship, but it’s a practical means to avoid any issues along the way and to protect each other’s assets (and even the kids) in case something unfortunate ever happens and divorce is needed. So, if you ever do decide to do a prenuptial agreement, it’s best to contact your local prenup or divorce lawyer in Kent to help you out with the legalities and the drafting in order to ensure that everything’s in order and to minimize any disputes later on.