The Advantages of Having Premarital Agreements
When you get married, you always think that the relationship will be forever, but in reality, this is not always the case. Many marriages end in divorce, and usually, the divorce process involve a variety of disputes regarding assets and liabilities.
This is understandable, because each spouse will always think about his or her best interest. But not because it is understandable it already means that it is just, because it is more likely that one of the spouses rightfully deserve a bigger cut in the division of assets. To avoid unnecessary disadvantages, it is best to get a premarital agreement. A premarital agreement is a document containing rules of the marriage and possible actions in the event of a separation.
However, according to the website of Kirker Davis, LLP, premarital agreements can be nullified because of various reasons, such as problems on the signing process, like when a party did not sign the agreement voluntarily. But when it is not nullified, it can be a force that can protect your interests.
It protects your separate properties
If you are bringing significant assets in the marriage, getting a premarital agreement is a good idea, because you can clearly state that your properties are solely your own, so in the event of a divorce, your partner will not have a legal right to claim it.
It protects you from undeserved liabilities
A marriage can be financially troubling if your spouse has huge debt. You can get a premarital agreement indicating that the debt is solely on your spouse, so you won’t receive undeserved liabilities such as debts.
It protects your assets upon death
In case of your passing, your properties may be subject to state laws, and this can be disadvantageous, especially if you have children on another marriage. By having a premarital agreement, you can indicate that some of your properties will go to these children, so they will have secured assets even when you are already gone.
It prevents divorce disputes
Having the legal backing of a premarital agreement also avoids disputes during a divorce, because the agreement can clearly contain procedures regarding division of assets, spousal support, and other possible legal issues.