Understanding the Pros and Cons of a Prenuptial Agreement
Having a prenuptial agreement allows engaged couples to protect their assets and finances, clarify each party's responsibilities, and define expectations. In addition, prenups enable unmarried couples to have an open and honest conversation about what actually matters to each person.
According to a recent HelloPrenup survey, about 83% of respondents felt more connected with their partner after creating their prenup. However, there are certain drawbacks and misgivings that discourage some unmarried couples from creating a prenuptial agreement. Therefore, getting detailed guidance is imperative to know the benefits and downsides and determine whether you should get one.
At the Oleen Law Firm, we have the diligence and experience to advise and guide clients in premarital agreement-related matters. Our seasoned Kansas family law attorneys can enlighten you about what prenups can and cannot cover, the benefits and downsides, and help you draft your prenuptial agreements. We're proud to serve clients across Manhattan and Junction City, Kansas.
What Is a Prenuptial Agreement?
A prenuptial agreement, commonly referred to as a prenup, can be described as a written marital agreement established between unmarried or engaged couples before they become married. The prenuptial agreement contains details about each person's assets, property, finances, and debts. In addition, the prenup can outline how the division of the couple's property and assets will be managed in the event of a marital dissolution or the death of one party.
What Do Premarital Agreements Cover?
A prenuptial agreement may be designed to cover the following matters, including but not limited to:
Premarital assets and property
Each spouse's financial responsibilities
Provisions for children from a previous relationship or marriage
Provisions to keep the family business or assets within the family
Protections for estate plans
Retirement assets, accounts, and savings
Business earnings
Instructions for property division in a divorce
Protections from the other spouse's liabilities and debts
While prenuptial agreements can help cover several matters, there are certain provisions that may not be included in a valid prenup.
What Don't They Cover?
Conversely, a prenuptial agreement may not cover the following matters and legal provisions:
Matters that are illegal or against public policy
Details about personal matters
Provisions that encourage divorce
Relinquishing alimony or spousal support rights
Decisions about child custody, child support, and parenting time
Each spouse's premarital debts
An experienced Kansas prenuptial agreement attorney can enlighten you about some of the benefits and drawbacks of creating a prenup and help you navigate crucial decisions when drafting your prenup.
What Are the Benefits of a Prenuptial Agreement?
Here are some advantages of creating a prenup with your engaged partner:
A prenup helps protect your personal property, assets, and finances.
A prenup helps mitigate unnecessary arguments or resentments over property distribution during a divorce.
A prenup protects you from debts and liabilities incurred by your partner in a divorce.
A prenup helps protect your family business and children's inheritance rights.
A prenup helps preserve your personal property and money, especially when you're going into a marriage with massive assets and wealth.
A prenup allows you to have an honest and open pre-marriage conversation with your spouse about some of the things that are most important to each person.
A prenup can make divorce less complex while reducing the legal costs.
What Are the Drawbacks of a Prenuptial Agreement?
Here are some downsides of having a prenuptial agreement:
It can create a feeling of distrust or ruin the romance between you and your engaged partner.
An air of uncertainty and insecurity may start developing around your marriage. You may have doubts about the longevity of your marital union.
A prenup that contains certain clauses or provisions that violate the law may not hold up in court.
A prenuptial agreement can be a trap for some spouses.
A change in circumstance can make the prenup become a burden for some individuals.
Child custody or child support provisions cannot be included in a prenup.
A seasoned lawyer can examine the surrounding circumstances of your personal situation and help decide whether you should get a prenuptial agreement.
Get Answers From a Knowledgeable Attorney
Understanding the benefits and downsides of having a prenup is crucial to help you make intelligent decisions before getting one. At the Oleen Law Firm, we're dedicated to guiding unmarried couples through the complex procedures involved in drafting prenuptial agreements. As your attorney, we can help draft, review, and negotiate a fair provision in your prenup. Also, our legal team can advocate for your best interests and help ensure that the agreement is valid, legally binding, and enforceable.
Contact us at the Oleen Law Firm today to schedule a simple consultation with experienced family law attorneys. We can offer you the highly-personalized legal counsel, support, and trusted advocacy you need to make informed decisions when establishing your marital agreements. Our firm is proud to serve clients across Manhattan and Junction City, Kansas.