An estate planning attorney at Profit Law Firm can help you assess the planning documents you may want before marriage. A premarital agreement may be a good option since divorce levels are rising for Americans from all generations.
Marriage is a legally binding contract between two people in which they often merge their financial future and identity. Two people do this when they are most optimistic and idealistic about the chances of their union lasting. Not all marriages last, however despite our best efforts and good intentions. Advanced premarital planning can prevent the untangling of assets during divorce from becoming an expensive and ugly affair.
Do I Need Premarital Planning or a Prenuptial Agreement?
Premarital estate planning would involve creation of a prenuptial agreement, which provides instructions on how a couple will distribute their assets if they split. If there are no assets and no children, then an agreement to split what you do not have, is probably not necessary. However, if one or both parties have property, businesses, or other assets, then crafting a premarital agreement, or, what is known as a prenuptial agreement, can save both parties: time, money, and bitterly contested litigation.
Does a Prenuptial Agreement Hurt Marriage?
Crafting a prenuptial agreement during premarital planning, allows couples to discuss money. Money is one of the top sources of conflict in a marriage. By discussing it beforehand, you learn each other’s values about finance, debt, and saving. This process can provide a foundation for marriage and avoid a nasty surprise after. Moreover, if the worst should occur, a prenuptial agreement allows for both parties to avoid litigation. Litigation is an expensive, angry process, which makes moving forward harder. Profit Law Firm is here to assist you with discretion and sensitivity with planning that allows your future to be as harmonious as possible, whatever the future holds.