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Why engaged couples should discuss prenups

On Behalf of | Dec 17, 2019 | Divorce

While most people like to focus on the joy and excitement that surrounds an engagement, it is also important to look at the deeper pragmatic side of it. In order for Arizona couples to avoid a lot of frustration and arguments later on, speaking about finances is essential before they get married. Discussing prenuptial agreements and signing them well before the wedding date can give both of them peace of mind as they move forward with their marriage plans.

Even if a couple decides that a prenuptial agreement is not the right option for them, it can still be beneficial to talk about it. Discussing this legal contract and other financial matters sets expectations for what each individual should expect out of the financial partnership once they get married. They can discuss how they plan to use their money, how much they will save and which assets will belong to each individual and which ones will be shared.

If there is no prenuptial agreement and a couple decides to divorce, it will be up to a judge to determine how assets and liabilities are distributed. It may be difficult to determine which assets are personal property and which ones are marital property. In addition to the frustration that comes from feeling like a person is not being treated fairly, there is also the expense. A prenuptial agreement allows a couple to design a custom agreement just in case.

Prenuptial agreements are especially important for individuals who own businesses. Several aspects of the business need to be laid out in the agreement, including its value on the date the marriage took place, how much a spouse would be entitled to and if one would be allowed to buy out the other spouse. An attorney could provide information about prenuptial agreements for business owners and help them to be sure that all necessary details are included in the agreement. They could provide information about high asset divorce and property division.