The prenuptial agreement is perhaps one of the most controversial parts of planning a wedding. Some people view the prenuptial agreement as planning for the end of the marriage; however, the prudent Connecticut couple looks at it as planning for success. While it may not be the most romantic part of the marital celebration, it is important because it is an essential tool in discussing views on finances, marital property, expectations and even children. As an added bonus, in the event of a divorce, this agreement will then serve as a tool in distributing assets and liabilities.
Many individuals who enter a marriage already own property and possess some amount of debt. Additionally, it is likely that one or both of the individuals have children from a previous relationship. The prenuptial agreement can detail what should happen to property and debt that was acquired prior to the marriage. By discussing these details prior to the marriage, decisions can be made just in case, and the couple can come to terms with their differing views on spending and debt.
Other aspects to consider are those things earned or acquired throughout the marriage. One spouse may earn while the other cares for children. Or perhaps one spouse inherits a substantial sum. When it comes to dividing assets acquired throughout the marriage, these things should be taken into account. The prenuptial agreement can allow the couple to discuss these possibilities without the added stress or emotional turmoil of a divorce.
The average Connecticut couple does not get married planning for a divorce. However, with the divorce rate running at approximately 50 percent of marriages, it is a good idea to consider the possibility. The prenuptial agreement can serve as a guide in establishing a marriage built on realistic expectations.
Source: marketwatch.com, “Is a prenup unromantic, or the smartest thing you could ever do?”, Alessandra Malito, Sept. 23, 2016