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Benefits of Prenuptial Agreements
Prenuptial agreements require couples to establish guidelines for dividing up their assets, such as homes, cars, and fine jewelry. However, the reality is that prenuptial agreements are practical and beneficial tools for every couple, regardless of wealth or assets. Prenups are about much more than who gets the vacation house in the event of a divorce. They also address issues of debt, alimony, and household expenses. Moreover, prenuptial agreements are tools for healthy communication concerning money early on and preventing misunderstandings that can sabotage a healthy marriage.
Encompassing Prenuptial Agreements
Couples of average income and assets might assume that a prenuptial agreement is not relevant to their lifestyle, yet contemporary pre-nuptial agreements are about much more than the division of assets. They serve as a game plan for how a marriage will function financially.
Most young couples enter into marriage with debt, either from credit cards or college tuition. Establishing who will assume debt is the first step in laying the financial framework of the household. For example, if one spouse is going to assume the responsibility of paying off college loans, the other may assume most household living expenses. Prenuptial agreements can also include details about a couple’s lifestyle, such as what religion the children will observe in the event of divorce how the couple will pay for college for the children.
Prenuptial Agreements as a Tool for a Healthy Marriage
Prenuptial agreements are an agreement between spouses about how the family will manage debt, income, expenses, and assets. A study of 4,500 couples published in The Family Relations Journal discovered that money problems are the biggest predictor of divorce, regardless of how much a couple earns. Financial disputes are more likely to lead to separation as various couples often hold different beliefs about money management.
Arguments about money are often the most contentious part of a divorce. In preparing a prenuptial agreement, couples force the conversation about money before marriage, resolving any potential issues before the wedding. Prenuptial agreements can help foster open and honest communication that is essential for the health of every marriage.
Somerville Divorce Lawyers at Lyons & Associates, P.C. Create Binding Prenuptial Agreements
Prenuptial agreements are not just beneficial in high asset divorces, they are invaluable tools for every couple preparing for marriage. Additionally, postnuptial agreements are an option for couples who have already tied the knot. Somerville divorce lawyers at Lyons & Associates, P.C. are committed to protecting our clients’ interests with fair and practical prenuptial and postnuptial agreements. Should couples experience drastic changes in income or assets, we are also available to amend existing prenuptial and postnuptial agreements at any time.
Schedule a consultation with a us by calling 908-575-9777 or completing our convenient online contact form. We represents clients throughout the state of New Jersey including in Somerset County, Morris County, Union County, and the towns of Woodbridge, Somerset, South Plainfield, Morristown, Mendham, Basking Ridge, and Bridgewater.