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If you're engaged to be married, now's the time to discuss the premarital agreement. You may not think that you need one, but that's not necessarily the case. In fact, a premarital agreement can provide you with benefits that you might not have thought about. Before you pass on the premarital agreement, here are four of the reasons why you need one.
Protect Your Premarital Assets
If you're about to be married, you might not want to think about divorce. While you hope that your marriage won't end in divorce, it's important to be prepared. This is particularly true if you're coming into the marriage with sizable assets. The last thing you want is to lose your assets in a divorce. A premarital agreement protects you from that possibility. One of the benefits of your premarital agreement is that you can document your premarital assets — those assets you bring with you into the marriage — which keeps them off the table should you need to divide property during divorce negotiations.
Keep Your Premarital Debts Separate
If your fiance is coming into the marriage with sizable debt, you want to avoid taking that on as your own. Unfortunately, if you don't have a premarital agreement, that's exactly what could happen, especially if your marriage ends in divorce. During divorce negotiations, all marital debts are gathered and then divided between the parties. If you don't have a premarital agreement that specifically lists those previous debts, you could end up being responsible for their repayment following the divorce.
Ensure Proper Distribution of Inheritance
If you have children from a previous relationship or other family members that you want to take care of in the event of your passing, you need a premarital agreement. Without that agreement, your inheritance may not be divided the way you intended. However, with a premarital agreement, you can document how you want your inheritance to be divided should you pass. It's important to note that should you divorce, you'll need to change your wills and advance directives as soon as possible. That way, your estate doesn't pass to your ex.
Reduce Your Potential Divorce Costs
If your marriage should end in divorce, you'll want to reduce as many of the costs as possible. However, if you don't have a premarital agreement, your divorce may need to be settled in court, especially if there are disagreements about the separation of assets and debts. Unfortunately, court appearances can significantly increase the cost of a divorce. Having a premarital agreement in place is one way to avoid court, and reduce the costs associated with a divorce.
For more information, contact a law office like Law Offices Of James Jackson.
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