When planning to marry, most couples do not consider the possibility that the marriage could end at some point in the future. While no one plans to divorce, it is in the interests of most adults to plan for this possibility at some point. As part of the wedding-planning process, you will benefit from considering the benefits of drafting a premarital contract, also called a prenuptial agreement. This can provide you with security in the event that you find yourself facing a divorce someday.
As you enter your marriage, you may have certain assets you wish to protect, or you may be the intended recipient of a large inheritance in the future. Regardless of the details of your individual situation, there are many benefits to planning ahead and protecting your interests against possible contingencies that may arise. A prenup is not something only for the rich and famous.
Why do you need a prenuptial agreement?
Arizona adults may assume that they only need a prenup if they are rich, own a business or have vast personal assets they need to protect. In reality, the benefits of a prenuptial agreement can extend to those who are average income earners or those with typical assets. This type of contract allows you to avoid litigation and disputes in the event of a divorce, which can be helpful regardless of your financial situation. Benefits of drafting a premarital contract include:
- It allows you to designate the specific assets that are separate property, which may include business assets, an inheritance from a relative and more.
- You will be able to control how to divide marital property, instead of having an impersonal court make that decision for you.
- You can include terms about any important and specific financial arrangements you have with your spouse.
Like any other type of contract, you should carefully draft and consider a premarital contract. If it is poorly constructed or contains terms that are unreasonable, unenforceable or illegal, a judge may rule the contract to be invalid.
Face the future with confidence
The terms of your prenuptial agreement matter. If you are planning to marry, you may benefit from seeking an assessment of your case so that you can determine the specific terms you will need to include in your contract. With the right protections in place, you can enter marriage, assured that your financial interests are secure regardless of what happens in the future.