canstockphoto4510251You are so excited about your upcoming wedding. There are a list of things to do such as the catering, fitting of the wedding dress, tuxedo, rehearsals, invitations and so on. When you are planning for your wedding, the last thing you would like to think about is what should happen in case of a divorce.

As people are going into marriages these days with almost the same income levels, it is best to be honest with one another and have a discussion on how they would like their financial situation to be in case they decide to get a divorce.

Marriage is often the most significant financial decision to make. There may be some major changes depending on how the bills will be split and the assets that you will build together. Of course, the topic of Prenuptial Agreements is scary for both parties. However, if you’ve accumulated assets prior to the marriage, you should consider protecting what you worked so hard for.

Negotiating a Prenuptial Agreement  is the most common way for a couple to make a decision on how they would want to proceed financially in the event of a divorce. A Prenup is a legally binding contract that’s signed by both parties. It is always a good idea for each future spouse to have their own attorney to represent their best interests when the contract is drawn up.

There are a few things you should keep in mind if you’re considering a Prenup. The first thing to do is to make sure that all financial assets and property be disclosed and addressed in the agreement. There have been many cases where the courts refused to enforce a Prenuptial Agreement because one party failed to list a major asset.

Furthermore, the agreement can’t be entirely one-sided or unreasonable. For instance, there have been examples where a court decided to dismiss it on the grounds that the contract was unfair to one of the parties in the marriage. If the arrangement in the Prenuptial Agreement will leave one spouse empty handed after the divorce, then there is a good chance that it won’t be upheld in a court of law.

Some issues are not in the contract. Custody and visitation rights of children that were born during the marriage cannot be decided by a Prenup.  A Family Court judge will make a decision based on which party should get custody based on the best interest of the children.

Getting a Prenuptial Agreement has it’s pros and cons:

 

Pros:

-It can help each party maintain any financial assets that was accrued before the marriage.

-The spouse who becomes a full-time homemaker is entitled to alimony to rebuild his or her life once the divorce is final.

-It can make the divorce process go much quickly and reduce the emotional toll on both spouses.

 

Cons:

-It can be uncomfortable to bring up the topic in the months leading up to the wedding.

-Having this discussion could create animosity and distrust between the future spouses.

 

It is difficult to discuss the topic of a Prenuptial Agreement right in the middle of planning your wedding. You should keep in mind that unexpected issues may come up in your marriage that’s beyond your control that sometimes will lead to a divorce. It shouldn’t be viewed as a solution that will cover every issue that may arise during the divorce proceeding. In many cases, it can be a great way to protect both parties in case the unthinkable should happen.

 

 

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