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prenuptial agreements Archives

3 practical reasons for creating a prenuptial agreement

The announcement of an engagement represents an exciting event for Tennessee couples. These feelings could make you feel uncomfortable about suggesting a prenuptial agreement, but many people have practical reasons that motivate them to negotiate the terms of a divorce in advance. Although you feel optimistic about your future, taking steps now could prevent prolonged disputes in the event that your marriage does not work out.

How a prenup can help a relationship

For many Tennessee couples, the thought of creating a prenup is simply repellent. However, such a document can actually be an effective tool to bring a couple together. For those who have assets, a prenup could set up reasonable financial protection. By working together to create the document, couples can create their vision for the future before they get married.

Millennials more likely to sign prenuptial agreements

Millennials in Tennessee and elsewhere may decide that a prenuptial agreement is a key part of their wedding preparations. A survey conducted by the American Academy of Matrimonial Lawyers found that more than half of respondents said that such agreements were being requested among those 18 to 34. This is partially because Millennials tend to get married later in life and want to protect assets.

Prenuptial agreements can be invalid if not done properly

Tennessee couples headed for the altar do so with high hopes their marriage won't end up a divorce statistic. Still, it doesn't hurt to be prepared in case the unthinkable happens. One way to do this is with a prenuptial agreement.

Many people can benefit from a prenuptial agreement

Business owners, those who have just gotten remarried and those who have relocated may all benefit from a prenuptial agreement. This goes against the idea that Tennessee residents should only have one if they are rich. Those who are expecting to receive an inheritance may want to account for it through a prenuptial agreement just to add an extra layer of protection against losing it in a divorce.

Myths about prenuptial agreements

Tennessee couples who are getting married might want to consider a prenuptial agreement. Because the average age at marriage is rising, people are more likely to bring significant assets into the marriage. A prenup can help protect those assets, but some people may believe myths that keep them from getting one.

What goes into a prenup

Tennessee couples who are planning to get married may consider completing a prenuptial agreement before doing so. However, it is important that they are aware of what can be included in the legal documents. State law governs how separate property and marital property are distinguished from one another. When a marriage ends by divorce, a court will use the principle of equitable distribution when dividing up marital assets. A valid prenuptial agreement could contain a provision that would override that.

The benefits of a prenuptial agreement

A prenuptial agreement may provide many benefits for Tennessee residents who are planning on getting married. For instance, it may be possible to determine how assets will be divided during a divorce before a couple says their wedding vows. It may also help to make sure that a person doesn't take on the debts of his or her spouse. It can even be used to decide how property will be handled if one person dies.

Why people may consider a prenuptial agreement

In the past, Tennessee residents and others may not have made much use of the prenuptial agreement. However, it has become more popular among Millennials, and women are asking for them in larger numbers in recent years. One of the reasons why these documents are more popular today is that people tend to have assets prior to getting married. Therefore, individuals prefer to have a way to protect those assets if the marriage doesn't work out.

Prenuptial agreements have both pros and cons

While prenuptial agreements may not seem romantic, they can save Tennessee couples a lot of grief after they get married. Having one does not mean a couple is planning to divorce later on. Rather, with financial woes causing many a couple to divorce, it may save a marriage since couples will be disclosing their financial pictures before the vows. Couples should discuss a prenup early on in their engagement and not wait until the last minute to talk about it.

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