You have probably heard of prenuptial agreements, and like many, you may feel uneasy about creating one with your soon-to-be spouse. But there are many benefits to creating one before saying your “I do’s”.
Simply put, a prenuptial agreement is a legally binding document that is often referred to as a “prenup.” It details how both party’s financials and assets are dealt with and managed throughout the marriage and if the marriage comes to an end.
3 Benefits of Prenuptial Agreements
There are several misconceptions around this type of agreement, which is why you may have considered abandoning the idea of creating one. One of the most common misconceptions is that they only exist to protect the wealthier spouse from losing their assets and money after a divorce.
However, that is not true at all. They exist to clarify both party’s finances and protect both spouses equally, which helps build trust and foster open and objective lines of communication prior to getting married.
The following are a few ways prenuptial agreements can benefit you and your spouse.
1) Builds Trust & Intimacy
You may have heard that prenuptial agreements imply a lack of trust or confidence in the success of a marriage. This misconception leads many couples to avoid having an intimate conversation about their finances when they’re dating or engaged. It often does more harm than good and can lead to turmoil in the couple’s communication and relationship.
In contrast, creating a prenuptial agreement can help build trust and intimacy. This is because it prompts both parties to have important discussions to ensure that finances are properly and respectfully handled during or after marriage.
These agreements are a valuable tool for creating transparency and setting expectations for a successful marriage. Finances will change over time and are often the cause of many marital conflicts.
Contrary to popular belief and mainstream ideology, prenuptial agreements indicate that you are invested in the long-term success of your marriage.
2) Incorporates Your Unique Needs
Prenuptial agreements can address a variety of financial aspects for both spouses, such as premarital property inheritance or spousal support.
These agreements are flexible in their design to accommodate and take into account your unique and specific financial situation.
You can be as detailed as you both see fit and can even incorporate instructions for what will happen to your finances if the other spouse passes.
3) Freedom to Make Your Own Estate Plans
Prenuptial agreements help minimize, if not eliminate, financial uncertainty and turmoil associated with the spouses’ estate(s) that can arise in the event of divorce or death. Prenuptial agreements provide each spouse the freedom to make their own estate plans as they see fit.
For example, Florida estate laws provide for a surviving spouse to receive a minimum statutory share of assets, but a prenuptial or postnuptial agreement can waive this provision and specify what each spouse receives.
Helping You Create the Right Prenuptial Agreement
While it may feel awkward for some, there are several benefits that these legally binding documents create for both spouses. It encourages couples to have open communication about some of the most intimate details of their lives—their finances.
To create the most beneficial prenuptial agreement for you and your partner, you should seek the help of a seasoned attorney who can ensure you include all the financial aspects you may have not thought about.
At Apfelbaum Law, we have experience in family law, divorce, estate planning, and more. Contact us today to learn how we can help draft the best prenuptial agreement for your unique needs.
