With so much talk about prenuptial agreements lately, many engaged Minnesota couples have been considering them so they can protect their assets in the event of a divorce. Even though prenups offer many benefits, they are not right for everyone. What are some reasons why you may not want one?
Prenuptial agreements can be worded in such a way that they force you to give up your rights to certain things. A prenup is a marital contract that includes a lot of legalese, and if you sign it without questioning it or consulting with a lawyer, you could lose out financially should the marriage come to an end. If there is no prenup in place, you are automatically entitled to your spouse’s estate under state law, but the prenup may state otherwise.
A prenup may also limit spousal support and your share of helping a spouse grow his or her business. These may seem like trivial things when you’re engaged, but if you divorce a decade down the line and have become accustomed to living a certain lifestyle, you’ll wish you had put more thought into the future of your finances.
Another thing to consider is that your feelings about certain things may change. You may feel so in love during the honeymoon stage that you’d be willing to part with certain assets. You may have no qualms about giving your spouse half of your business in a divorce, but a few years down the line, you may have a change of heart.
A prenup is a legal document that must be crafted carefully. You will have to abide by the details outlined in it, so if you decide to get one, take the time to ensure it is what you really want. Every marriage faces challenges, and if those challenges lead to divorce, you want your prenup to work in your favor.