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Before You Say I Do: The Ups and Downs of a Legal Prenuptial Agreement
Even though the vows clearly state “until death do us part,” there are many marriages within the United States that are not fulfilling that promise. More than 50 percent of first marriages end in divorce, according to the Centers for Disease Control and Prevention. Therefore, it is not surprising that an increasing number of couples are choosing to sign prenuptial agreements before taking that trip down the aisle. However, there are still several pros and cons about having a legal prenuptial agreement that should be taken into consideration before any dotted line is signed.
What Are the Pros?
There are quite a few benefits of signing a prenuptial agreement that many soon-to-be married couples may not even realize. For instance, this document can protect the property that you already have before you marry your future spouse. It is also designed to support your existing estate plan and protect it from any unwanted changes after your passing, which is something that an attorney from LegalZoom reviews in detail when it is first submitted.
Within the content of this agreement, you will be able to clearly identify which properties should be considered community and which are not. If there are any other special agreements and conditions that you and your spouse would like to include, you are more than welcome to do so. Therefore, if the marriage should come to an unexpected end, the prenuptial agreement can save a lot of time and money, which will allow you both to move on with your separate lives.
What Are the Cons?
Despite the advantages and benefits of having a legal prenuptial agreement, there are still quite a few disadvantages that need to be considered as well. For instance, this type of document has a way of sapping a large amount of the romantic ambience out of your wedding. Many couples simply do not want to have to think about what will happen if their marriage fails even before they have gotten married. Making sure that a licensed attorney from LegalZoom reviews this agreement with you will force you to think about future occurrences that you might not want to think about anytime soon, such as the death of your spouse, financial management and the possible dissolution of your marriage. This probably explains why only five percent of newlywed couples each year sign one, according to Harvard University.
Is This Agreement Even Necessary?
When it comes to determining whether or not a prenuptial agreement is necessary, there is not a legal stipulation in place that can make this call for you, even after a legal team from LegalZoom reviews it after it has been completed. This is a decision that is specifically up to the actual couple that is getting married. As mentioned earlier, there are quite a few major advantage but you need to balance them with the disadvantages as well before reaching a final decision.
What If You Cannot Decide?
If you find that you are very indecisive when it comes to this agreement, the very best thing that you can do is communicate with your future spouse. Express your concerns, thoughts and feelings specifically about this arrangement. If necessary, do not hesitate to seek legal assistance and advice in regards to your options. If you want, an attorney from LegalZoom reviews your options with you as well as how you can be protected if hypothetical scenarios turn into real-life situations. There are even some states that can legally protect you and your assets without having a valid prenuptial agreement based on certain circumstances and applicable conditions. Once you have all of the facts, then you and your spouse will be able to hopefully make a final decision together.
The post Before You Say I Do: The Ups and Downs of a Legal Prenuptial Agreement appeared first on Fiscal Fizzle.
Source: http://www.fiscalfizzle.com/prenup-agreement/
