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Reasons To Consider A Prenuptial Agreement
Although prenuptial agreements are becoming more popular, many couples still perceive them as being harmful to a relationship — a cynical hedge against divorce. However, prenuptial agreements offer many critical benefits which should be carefully considered.
If you have questions about prenuptial or postnuptial agreements, reach out to Richard C. Bardi & Associates LLC. Our lawyers have decades of experience in family law and stand prepared to address your concerns. With offices in Boston, we serve throughout Massachusetts. You can reach us at 617-227-4040 or by contacting our firm online.
4 Benefits Of Prenuptial Agreements
Some of the advantages of prenuptial agreements include:
1. Reduced financial losses
As is widely known, financial matters such as alimony and marital property division can be some of the most contentious issues to arise during a divorce. Prolonged disputes over these issues result in increased legal costs, which can harm both spouses financially. A prenuptial agreement can specify exactly how these difficult matters will be handled during a divorce. As a result, these agreements can protect each person’s assets and future financial interests.
2. Complex financial issues
Today, many couples face complex financial issues even before they get married, such as personal debt and obligations from prior marriages. A prenuptial agreement can ensure that these preexisting liabilities and financial duties are fairly taken into account during a divorce settlement. This can reduce the risk of an outcome that leaves one or both individuals feeling financially disadvantaged.
3. Protection during remarriage
Drafting a prenuptial agreement may be especially advisable for people who have already been married. Namely, these agreements can ensure that any sentimental or high-value assets are set aside for a person’s children or other dependents. This can prevent disputes in the event of a divorce or the person’s death.
Elderly adults entering marriages should also think about establishing prenuptial agreements. These individuals often have accumulated significant and complex assets, such as retirement benefits, which may be difficult to divide during a divorce. Older adults also may face sudden unexpected costs, such as long-term care, which can significantly reduce their separate or marital assets. This makes signing a prenuptial agreement an important protective measure for these individuals.
4. Potential relationship benefits
Besides providing financial advantages, prenuptial agreements can offer greater peace of mind and promote more open communication between spouses. Many couples can benefit from knowing that they agree with one another on important financial issues or have an arrangement in place to address future disputes.
Forming A Working Agreement
It’s crucial for couples to remember that prenuptial agreements can be challenged or overturned on various grounds. For example, in Massachusetts, an agreement may be invalid if it was fraudulent, signed under duress, completed too close to the date of marriage or signed without an attorney. When deciding whether to enforce a prenuptial agreement, courts will look to determine whether its terms were fair and reasonable at the time it was signed, and whether they remain fair and reasonable at the time of divorce.
To ensure that a prenuptial agreement is legally enforceable, couples should work with a lawyer who can provide assistance at every step. Reach out to our firm if you need help. We’re always ready to assist.