Prenuptial agreements are more common than you think. There is no shame in creating one, nor does having one make your relationship with your future spouse any less significant. Though no one goes into a marriage planning for it to end in divorce, they still happen nonetheless.
Statistically, more second marriages result in divorce than first ones. This is especially important for people who meet later in life, have worked hard for their assets, and intend on keeping them. Instead of looking at a prenuptial agreement as something to be hidden, think of it as realistic and responsible.
The act of creating one is rooted in transparency. When you and your future spouse meet with an attorney, you develop a working document that must be viewed, edited, and discussed. The two of you will list out your assets and talk about how they will be divided—if at all.
Another Way To Look At Them
In continuing with the idea of altering the way you view and look at prenuptial agreements, don't look at them as something only wealthy people use. They get attention during divorces where large sums of money are involved, but that may give you a false sense of how they could fit into your own life.
Of course, wealthy people can and do use them. Regardless of the amount of money involved, it can simplify the divorce process. Things that may get argued about later can be resolved now by two people who are committed to one another.
Children From Previous Marriages
Another thing to consider is if you and your spouse have children from a previous marriage. When you create a prenuptial agreement, you can declare what you want to be done with your property when you die. People do this to ensure their kids receive certain assets. Otherwise, the surviving spouse might have the most substantial claim to it.
Two people—especially those who get married later in life—bring a lot of their outside lives into a marriage. One of these things is debt. When you meet with an attorney to discuss creating your prenuptial agreement, ask if there are ways that the both of you can be protected from your future spouse's past debt.
This is another example of how these agreements are based on transparency. You and your spouse will disclose your finances and assets. Through your attorney, who will draft the document, you can determine what will be shared and kept separate.
Hamilton Law, PLC
Prenuptial agreements are not only more common than you think, but they are also a tool that practical couples use before being married. At Hamilton Law PLC, we can answer your questions regarding prenuptial agreements and create one for you. Contact us today to schedule a free consultation.