Premarital agreements, which are also called prenuptial agreements or prenups, might not seem very romantic, but they're an excellent way for you and your partner to protect yourself and grow closer. At The Law Offices of Regina M. Taylor, we believe that premarital agreements are an essential tool for couples who want to protect their finances and their relationship. In today's blog post, we're looking at four reasons it's a good idea to create one of the agreements.
- Spare yourself from the time and expense of court battles.
It isn't pleasant to think about it, but sometimes marriages end in divorce. No matter how happy you might be now, it is wise to do what you can to have a plan in place in case this ever happens to you. If you do not have a premarital agreement, you will have to go to court to determine how your assets will be provided. Usually the solutions reached in court don't satisfy either side, plus it is time consuming and expensive to argue about it in the courtroom. The time and money you'll spend on a premarital agreement is far, far less than the time and money you would spend to divorce if you don't have one.
- Protect your children.
Whether you already have children or hope to have them with your partner, a premarital agreement can help you protect all of your offspring. Through a prenup, you will have the opportunity to designate certain assets to go to your kids. It can also ensure their financial future is secure if you or your spouse get divorced and then remarry.
One aspect you may not have thought of is that a premarital agreement can also help you protect your children emotionally. If you get divorced, it can spare them the pain of seeing the two people they love the most engaged in an acrimonious legal battle.
- Protect your business.
Everyone should have a premarital agreement, but especially business owners. Otherwise, your spouse might be entitled to half of your business if you get divorced. You probably won't feel very enthusiastic about co-owning a business with your ex!
- Promote honesty, reflection, and openness.
What's more romantic than good communication? Not much. Creating a premarital agreement encourages strong communication and openness about finances and priorities. Believe it or not, this can really bring you closer together with your partner. It's excellent to hone your skills in planning together and to be united in having a plan for even the worst possible outcomes to your relationship.
Who can help me create a premarital agreement?
If you're engaged and want to strengthen your relationship by planning for the future, the team at The Law Offices of Regina M. Taylor is here for you. We have the knowledge and experience to guide you through the process of crafting your agreement. Contact us today to get started.