There is a lot to take into account when considering marriage. While love and the wedding ceremony and reception are often thought of, few think to consider protecting their finances. After all, these lovebirds are going to stay together forever and share everything, right? Sadly, as most Arizonans know, about half of all marriages end in divorce. So, when a couple is considering tying themselves to each other through marriage, they should also think about what would happen to them in the event of a divorce. Then, they can focus on making sure each party is properly protected.
The best way to do this is to craft a prenuptial agreement. This document allows the couple to clearly delineate property rights before entering into marriage. Thus, an individual can utilize a prenuptial agreement to protect his or her assets, ensure their significant other is not affected by his or her debts (or vice versa), and clarify financial rights during the marriage. By doing this, couples can avoid the lengthy property division process should a divorce occur. It is also worth noting that although many think of prenuptial agreements to be for wealthy people, the truth is that they can work for any couple with any amount of assets.
Those who fail to enter into a prenuptial agreement do so at their own risk. Without such an agreement in place, an individual might share property and debts acquired during the marriage. Though it might not sound like how an ideal marriage would function, failing to consider these issues before marriage could spell trouble in the event that the marriage does not work and dissolution becomes necessary.
Drafting a prenuptial agreement may sound easy enough, but failing to do it properly can have catastrophic consequences. A prenuptial agreement deemed invalid can cost an individual his or her financial livelihood in the event of divorce. Therefore, it is crucial that couples thinking about marriage discuss the importance of a prenuptial agreement and consider having an experienced family law attorney draft it for them.
Source: FindLaw, “Can Prenuptial Agreements Help You?” Accessed on Sept. 28, 2014