Speaking to your fiancé about a prenuptial agreement (prenup) may not be the most romantic of topics, however, working out tricky financial issues before trouble appears can have many benefits. While in the past, a stereotypical situation may have centered around a wealthy man imposing a one-sided contract on his bride-to-be, the truth is that women can benefit equally from entering into an agreement. While no one marries with the intention of divorcing, it is smart to plan for the possibility. Below, our blog covers 3 advantages of prenuptial agreements for women.
- Designating separate and marital property: One of the main functions of a prenup is to designate marital and separate property. Why does this matter? In the event of a divorce, all marital property will be divided and distributed between spouses while each person is allowed to keep designated separate property. If you own a business, for example, you can protect your assets by ensuring that they are not included in the event of divorce. Your prenup can also work to protect assets that you have designated in your estate plan.
- Fostering healthy communication and setting expectations: In order for a prenup to be valid in court, both parties must agree to its terms. This means that both spouses must communicate openly and effectively towards common goals. The majority of issues covered by a prenup are financial in nature and working out potential issues before a marriage even begins can help couples to avoid trouble down the line. Discussing challenging issues can also help you to learn more about your future spouse and how they may act in difficult situations.
- Protecting your future: A divorce can be messy, time-consuming, and costly. Too often, without a plan in place, divorce can damage your financial power for years to come. Prenups are not just for the well-off either. Each item that is named in a prenuptial agreement is one that will not need to be fought over in court. By limiting legal battles, couples can save time, money, and headache.
Is a Prenuptial Agreement Right for Me?
While it is understandably difficult to consider the possibility that a marriage may end, discussing plans for the future can work to strengthen your marital union. If you and your spouse are entertaining the idea of a prenuptial agreement, we invite you to contact our Louisville family law attorneys and learn about your legal options. At Louis P. Winner, we have substantial experience helping families to achieve their goals and can provide you with the compassionate and effective advocacy you need in order to make the most informed decisions.
Call (502) 812-1889 or contact us online to speak to an attorney about your future.