What You Need to Know About Prenuptial Agreements

by: CristiTrusler
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A prenuptial agreement is no longer just for the wealthy. Today, folks of all economic backgrounds and in all situations are deciding to legally clarify their rights and responsibilities before they get married. It can also clarify in advance how property and assets will be divided should the couple decide to divorce.

If you don't already know, a prenup is a written agreement that a couple signs before they get married. If the marriage ends in divorce or death, the prenup states what each person's property rights will be after the marriage ends. It usually lists the debts and assets of both parties.

Initially used to protect the property and assets of the wealthy, people in a wide variety of situations are now seeing the benefits of a prenuptial agreement.

Couples who are blending families may find a prenup particularly useful, as it will allow them to pass on property and assets to their children while still providing for each other. In this particular case, a prenuptial agreement prevents all property and assets passing to the surviving spouse, and protects the children of the deceased spouse.

Prenuptial agreements also clarify financial rights and responsibilities during the marriage. If one partner has significant debt, a prenuptial agreement can protect the other partner by releasing him or her of the responsibility of the debt incurred before marriage.

If a couple divorces, a prenuptial agreement can help reduce the stress and allow them to separate more amicably. A prenuptial agreement can address whether or not the spouse will receive alimony or spousal support. However, a spouse cannot give up their rights to alimony in a few states.

If a couple signs prenup agreement it does not mean they are not strongly committed to each other. Neither it means they do not trust each other. On the other hand, it may mean just the opposite. It may help you to build a stronger marriage as it clearly states what is expected of each one.

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