If you’re engaged to be married, you and your soon-to-be-spouse have a lot of planning to do. Indeed, you’re likely tasked with reserving a venue, picking wedding colors, ordering food and flowers, sending out invites, and then thinking about life after the wedding, such as where you’ll live. And that’s not all – because marriage is a legal commitment, you may also be thinking about creating a prenuptial agreement. As you decide whether or not a prenuptial agreement is right for you, consider these benefits and drawbacks. For more information, schedule an appointment with a qualified Massachusetts prenuptial agreement attorney.
Benefits of Forming a Prenuptial Agreement
There are multiple benefits of forming a prenuptial agreement, even if you’re not entering a high-asset marriage. These include:
- Protecting yourself from your spouse’s debts;
- Mitigating conflict and contention about the division of assets should the marriage end in divorce;
- Protecting children from a previous marriage;
- Preventing a family business or other family heirlooms or assets from falling into your spouse’s hands should you divorce;
- Ensuring that you will receive–or be ordered to pay–a fair and equitable amount in spousal support;
- Providing full transparency about each party’s assets and debts at the time of marriage;
- Providing you with an opportunity to communicate and negotiate with your partner before you’re actually married; and
- Outlining the responsibilities and obligations of each party during the course of the marriage.
Indeed, many couples choose to form a prenuptial agreement because it provides clear guidelines and expectations for life during marriage and in the event that the marriage should end in divorce. If the marriage does result in dissolution, having a prenuptial agreement in place means that there will be little room for contesting common issues in divorce, saving time and money by eliminating the need for litigation.
Drawbacks of Prenuptial Agreements
While prenuptial agreements have many benefits, they aren’t perfect and they aren’t for everyone. Some of the common drawbacks of prenuptial agreements include:
- Things may change during the course of the marriage dramatically – for example, the couple may accumulate far more assets or debts than ever planned for.
- A prenuptial agreement runs the risk of favoring one spouse unfairly – this is one of the key reasons why working with an experienced attorney in forming a prenuptial agreement is so important.
- There is a perception that requesting a prenuptial agreement is unromantic or is predicting the worst-case-scenario for the marriage. If your partner feels like this, remind them that a prenuptial agreement is designed to protect them, too.
Discuss Your Concerns with a Massachusetts Prenuptial Agreement Lawyer Today
If you have concerns about forming a prenuptial agreement, or if you are ready to sit down with an attorney to start forming your agreement today, Attorney Heather M. Ward can help. The office of Heather Ward Law has years of experience representing couples of all economic circumstances form prenuptial agreements that work for them. For answers to your questions and the legal help you need, contact Heather Ward Law online or by phone at 617-903-8955.