Marriage is not just an emotional decision, it’s a financial one. It’s also one of the biggest decisions that you will ever make and not one you want to leave to chance. A prenuptial agreement allows you to protect your future by allowing you to choose how your property will be divided in the event of a divorce or death.
People tend to have a lot of misconceptions about prenups. People are sometimes reluctant to enter into these agreements because they view them as unnecessary, a sign of distrust in the relationship, or unromantic. A prenuptial agreement can actually strengthen a relationship by making sure you and your future spouse are on the same page.
While nobody ever wants to think about divorce when they are planning their wedding, a prenuptial agreement is like having insurance. You hope you won’t ever need it, but you will be glad you have it if things don’t work out. Not only can it reduce the cost of a divorce, but it also ensures that you get to make decisions about your finances as a couple, instead of having those issues decided by a family court judge.
People also tend to think that prenups are prohibitively expensive and only for people with significant wealth. A prenup is a valuable financial planning tool regardless of your current financial situation. It is not necessarily about what you have now, but about protecting your financial future.
A prenup may be appropriate for you if you have children from another relationship, you have a professional degree, you have an expected future inheritance, or you are a business owner.
If you are contemplating marriage, it is important to consider the benefits of entering into a prenuptial agreement. Benefits may include:
- Peace of Mind. A prenuptial agreement is an ideal way in which prospective spouses can set out their respective expectations regarding finances so both parties know what to expect in the event of a death or divorce. It provides certainty about the future.
- Preservation of Property. Parties to a prenuptial agreement can preserve the status of the property and financial assets that they bring to the marriage as their “separate” property. This may be highly beneficial should the parties decide to divorce.
- Debt Protection. If one spouse comes to the marriage with debt, a prenuptial agreement can protect the other spouse from being forced to satisfy his or her debts that were incurred prior to the marriage.
- Protect a Family Business. A family business can be extremely important to protect a family legacy. Prenuptial agreements are a great way in which to preserve the status of the business as one belonging to the family.
- Protect family members. Oftentimes, prenuptial agreements protect the interests of children from a prior marriage. This way, a spouse can protect his or her children and/or family members who would otherwise lose out to marital property in the event of a divorce.
- Control. By entering into a prenuptial agreement, it provides a couple with guidelines over “who gets what” in a divorce. Instead of having a judge decide what happens, you have more control over your rights and finances in the event of a divorce.
- Reduce Divorce Costs. Should each party’s respective rights be spelled out in a prenuptial agreement, it can effectively reduce conflicts and other problems that can lead to expensive legal bills and other associated expenses.
If you are considering a prenuptial agreement, an experienced Georgia family law attorney is in the best position to assist you in discussing the facts of your particular situation and to ensure that you have a fully enforceable and well-drafted document that is protective of your interests. A prenuptial agreement will be unenforceable if it is not prepared and executed properly in accordance with Georgia law.
For more information about whether a prenuptial agreement is right for you, contact us today at (770) 536-0202 to schedule a confidential consultation.