When you and your partner decide to say “I do,” you’ll have a considerable amount of planning you need to accomplish before the wedding, from picking flowers and venues to finalizing the dinner menu and guest list. However, there may be one important thing you’ve forgotten to consider – whether or not a prenuptial agreement is right for you. If you’re unsure what a prenup is or if this is right for you, you’ll want to keep reading. The following blog covers these matters, clears up common misconceptions, and explores the importance of working with experienced St. Louis prenuptial agreement lawyers.
How Does a Prenuptial Agreement Work?
A prenuptial agreement is a document signed by a couple before they are legally married that outlines, among other important protections, what would happen to their property in the event they should file for divorce or if one spouse passes away. Not only can you establish separate and joint property, but you can also include information regarding alimony and financial obligations after a divorce.
Prenuptial agreements, though often mischaracterized, are incredibly important documents that will be unique to you and your spouse. Unfortunately, the divorce process can be difficult and contentious, especially when it comes to the financial aspect. As such, having a prenuptial agreement in place can help reduce the amount of time your divorce takes, especially in terms of property division.
It is important to understand that child custody matters cannot be included in a prenuptial agreement as it is the court’s obligation to determine the best interest of the child.
Why Do I Need One?
It’s a common misconception that creating a prenuptial agreement means that a marriage is doomed to fail. Unfortunately, many assume that discussing a divorce before you are even married automatically means your relationship is not going to last. However, you’ll find one of the benefits of a prenuptial agreement is that it requires you and your spouse to get comfortable talking about finances. This open communication is incredibly beneficial and can strengthen your marriage, as you will both be on the same page regarding your financial circumstances. Creating a prenup allows you to understand your responsibilities during the marriage, especially relating to debts and loans.
Another benefit of creating a prenuptial agreement is that it allows each party to protect children from a previous marriage. Creating a prenup helps not only reduce the likelihood of your children becoming burdened by the financial obligations of another person through a divorce, but it also provides them with the assets you intend for them. If you were to pass away without a prenuptial agreement, your assets would likely go to your spouse as opposed to your children. However, having a prenup can help protect your children.
As you can see, creating a prenuptial agreement is something that you and your partner should discuss. If you decide this is right for your relationship, the team at Stobie Family Law Group can help. Our team understands how complicated these matters can be, which is why we will do everything possible to assist you in creating a prenup that reflects your best interest. Contact us today to learn more.