Archive for November, 2015

3 Reasons Why You Need a Prenuptial Agreement

Posted on: November 28th, 2015

Prenuptial Agreement

In past years, the prenuptial agreement carried a stigma with it that made some people believe that the couple wasn’t really committed to staying together. After all, the agreement was to protect assets in the event of a divorce. Today, however, the prenuptial agreement has proven its value and savvy couples are using them to establish expectations before there is ever a conflict. After all, most people wear their seatbelts not because they expect to crash their car that day, but because they’ve learned that accidents (even ones that aren’t their fault) can and do happen.

At Kitchens New Cleghorn, we advise our clients to consider a prenuptial agreement before they get married. There are many reasons to do so, depending upon your assets and unique situation. We would like to offer 3 reasons to consider a prenuptial agreement before you say “I do.”

  1. As part of the process of creating an agreement, you get a picture of your partner’s financial responsibility (or lack thereof). Credit scores, assets, liabilities, debts, insurance policies, property deeds, loans, etc. – they all need to be shared and discussed. A partner who is reluctant to disclose this basic information about their financial picture may be hiding information for a reason. It’s better to know before the wedding than after, when it might be your problem to solve.
  2. A prenuptial agreement can prevent expensive negotiations between lawyers during a future divorce. Things such as asset and debt division, as well as spousal support, can be discussed and agreed upon before the marriage. This can be especially beneficial if one of the partners earns considerably more than the other.
  3. A prenuptial agreement can also establish the terms for the forfeiture of assets as a result of a divorce on the grounds of adultery or cruelty. This can offer peace of mind for the couple that behavioral standards are in place.

When considering marriage, there are some things you should know that could have a legal impact on you in the future. For more information about prenuptial agreements and other similar pre-wedding help, Kitchens New Cleghorn has prepared this informational video for you. When you are ready to start preparing for a more secure future, call us to schedule your consultation.