Few people go from proposing marriage to suggesting a prenup, although this is perhaps due to the pervasive myths regarding this important legal document. Prenuptial agreements are not necessarily the predictor of divorce that many perceive, as couples across Minnesota continue to file for divorce even when they have no such agreement. Most of those divorces could likely be completed quicker and more easily with a prenup in place.
Contrary to popular belief, prenuptial agreements are not only for the extremely wealthy. Prenups are an essential tool for anyone with personal assets that they would like to protect regardless of how their marriage goes. These agreements can also shield one person from shouldering another’s debt, which can be especially important when trying to establish a healthy financial foundation after divorce.
Although more individuals are using prenups for these and many more reasons, it is not quite as simple as throwing together a list of personal properties and debts. Minnesota family law courts will usually consider the validity of an arrangement carefully before allowing it to be used during a divorce. If it is not up to the state’s criteria, it might be considered invalid and assets will be divided according to state law.
There are an untold number of reasons that couples might seek the protection of prenuptial agreements. Whether one party has children from a previous relationship or is anticipating a large inheritance, a carefully worded agreement can clarify how property will be handled during a divorce, should one occur down the line. While understandably not the most romantic endeavor before tying the knot, creating a prenup can be the best approach to protecting both parties interests.
Source: FindLaw, “Can Prenuptial Agreements Help You?” Oct. 22, 2017
