There have been many articles on the internet lately, which tout all the benefits of entering into a prenuptial or premarital agreement before you marry the supposed person of your dreams. Both people considering marriage should seriously take into consideration the real truth and facts associated with these agreements and question whether or not they truly protect you or if there is more cost than benefit.
What is a Pre-nup?
A “Pre-nup” is actually a Pre-nuptial Agreement and may also be known as an “antenuptial agreement.” This kind of document is used as a legally binding contract that two people sign before joining in a legal union of marriage. The contract outlines who owns what before the marriage and is intended to protect individual or family assets, property and funds. Typically Pre-nuptial Agreements also dictate who would get what in the case the couple divorces and may even put stipulations on those awards; for example, if one person is unfaithful, the other is entitled to withhold alimony, or if divorce happens after a certain amount of time, more alimony will be awarded.
Pros of a Pre-nup
The benefits of a pre-nup are:
- A prenuptial agreement might protect your financial security
- A prenuptial agreement might protect the financial security and future for your offspring
- You may be able to make a plan for spousal support or alimony
- A prenuptial agreement typically cuts down on disputes.
Cons of a Pre-nup
The disadvantages of a pre-nup are:
- Drafting a prenuptial agreement can impede on the romance or feelings of commitment before marriage
- Prenuptial agreements might cause undue burdens if circumstances are altered in any way
- Signing a prenuptial agreement may require a change in lifestyle
- Prenuptial agreements are subjected to a judge’s decision and thus there may be protracted litigation, at the beginning of a divorce case, just to determine whether the prenuptial agreement is enforceable.
At the Law Offices of William L. Geary Co. LPA, we can help you wherever you are in the process of considering or working on a prenuptial agreement and answer all your questions about pre-nuptial, ante-nuptial, divorce, separation, or any family law concern you have. Contact us today for a consultation, or call (614) 289-1227.