Some people view marriage solely as a romantic relationship while others may view it as a business contract. This twofold nature of marriage has made prenuptial agreements a common concept. According to this agreement, each spouse aspires to safeguard his or her financial interests. There are benefits as well as drawbacks of this agreement.
The marital contract might protect the rights of your children as well as grandchildren, from a marriage that was done before. In addition, if you have an enterprise or business, you may choose to keep it undivided and remain the sole owner of the business upon divorce. You may also protect your assets by declining to assume responsibility for the debt that might be on your spouse.
There are certain disadvantages of the prenuptial agreement. The disclosure of assets being one of them. You and your spouse are required to be upfront about your assets in the prenuptial agreement. Moreover, the contract waivers your property right to inherit your spouse’s property after he or she passes away. Entering a marriage with rules and contracts may also provoke a sense of mistrust between both parties.
If you and/or your future spouse are thinking about signing a prenuptial agreement, you may benefit from the assistance of a qualified family law attorney. A lawyer may advise you on how to protect your assets, as well as make sure your interests are highlighted in the agreement. Making sure you have all your rights covered may save you from disappointment and misery in the future.