Many steps must be completed before a couple can get married. While many of these decisions revolve around the ceremony, others tend to focus on protecting the spouses if the couple decides to divorce in the future. Although dissolution might seem like an impossibility when a marriage is just beginning, the reality is that roughly half of all marriages in America end in a divorce, making it paramount to take certain steps to protect rights in the event of a divorce.
The idea of including a prenuptial agreement in a marriage might seem daunting and complex for couples in Minnesota. Even more so, it can be extremely difficult to bring up the idea of a “prenup.” While there is no perfect way to initiate a conversation about a prenuptial agreement, it is becoming more important and relevant in society today.
A certain stigma may surround prenuptial agreements, but this is only because people are under the impression that these legal documents suggest that a marriage is doomed for failure. But, including a prenup in a marriage helps a couple answer two questions. First, it sets forth what will happen if a divorce occurs. This could help the couple avoid the lengthy court process and a substantial amount of money.
Second, it provides asset protection. A prenuptial agreement not only outlines who gets what in the event of a divorce, but also designates what is protected from the property division process. If a spouse has substantial assets or a family business, a prenup is the document needed to protect these assets in the divorce process.
While it might be difficult to initiate the process to draft a prenuptial agreement, it is often a conversation that is needed before marriage. If you are considering a prenup or are seeking to draft a postnuptial agreement, it is important to understand your rights and options in this process.
Source: Hometownlife.com, “Prenuptial agreement is part of a smart marriage,” Rick Bloom, May 12, 2016