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You can protect your marriage with a prenuptial agreement

| Apr 8, 2019 | Firm News

Prenuptial agreements are often overlooked by couples in York County who do not realize just how valuable they can be, both for protecting the individuals and protecting the marriage itself. When used correctly, these agreements can strengthen a marriage and allow spouses to create boundaries around personal and marital property.

These are not only tools for the wealthy. A prenuptial agreement can benefit almost any marriage if a couple takes time to build one properly.

Before you finalize your marriage, consider the advantages a prenuptial agreement may offer you. Once you legally marry your partner, you do not have the same legal opportunities to create these protections, although you may wish you did. A strong agreement protects the rights of both spouses and offers some other surprising benefits.

Protection against debt

When two people choose to marry, their assets and liabilities commingle. Legally, this means that your spouse now owns what you own, including your debts. If one of you carries a significant amount of debt, or if you anticipate that one of you may take on significant debt in the future, a strong prenuptial agreement can keep that debt from weighing on both of you. This protection helps keep many couples together, especially if they hit hard times.

If you do not protect each other this way, financial mistakes or even debt that you did not anticipate may affect both of you, and may cost you or your spouse property that you could have protected.

Setting expectations

Finances are often a difficult area for couples to navigate, even when they make efforts to meet each other in the middle. The truth of the matter is that we all understand finances differently. Failing to overcome these differences of opinion and strategy can cause ruptures in the relationship that do not heal easily.

While creating a prenuptial agreement, you have a great opportunity. You both have the opportunity to understand the other’s approach to handling money, as well as receiving strong indications about each individual’s financial goals and priorities.

As you build a prenuptial agreement that meets the needs of your family, you can care for each other with specific provisions, while building a greater understanding of your financial priorities. A good prenuptial agreement is the beginning of a great marriage, if executed properly.