What Are The Prenuptial Agreement Advantages and Disadvantages?
When it comes to divorce, whether it be settled via a peaceful agreement through a mediator or a hostile fight in court, a couple’s biggest hurdles are who gets what and how it gets decided. This is where prenuptial agreement advantages and disadvantages come into play.
Having an idea ahead of a divorce of what property goes to each partner during the divorce will help make the divorce process move at a much smoother pace. By drafting an agreement before marriage, a couple can bring much-needed clarity to a potentially messy divorce by outlining how certain property is divided in the event of a divorce. This is the basic concept of a prenuptial agreement.
People interested in creating a prenuptial agreement may need guidance on where to start.
Basics of a Prenuptial Agreement
In summary, a prenuptial agreement is an agreement made between parties about to be married, determining which party gets what property in the event the marriage ends in divorce. This property can range from the property a person possessed before the marriage to any property acquired during the marriage. The main purpose of a prenuptial agreement is to outline how property owned prior to and acquired after the marriage is to be divided in the event of a divorce to avoid ugly court battles and plan for the future with or without their soon-to-be spouse.
For some, a prenuptial agreement can also build trust between both parties, who may still feel vulnerable concerning their assets when considering the prospect of marriage. Having the agreement created before marriage makes deciding who gets what during a divorce much faster than making those decisions after the break up of the marriage, whether it be done peacefully or otherwise.
In terms of cost, a prenuptial agreement can cost around $1500 on average. Depending on a person’s state, the cost may go as high as $6,000. It is best advised that those outside the state of Pennsylvania research the cost of a prenuptial agreement to prepare ahead of time.
Some people considering a prenuptial agreement may wonder about the benefits of a prenuptial agreement in marriage and divorce. Like with any legally binding agreement, there are advantages and disadvantages, depending on the terms and conditions of the agreement.
Advantages of a Prenuptial Agreement
As mentioned earlier, one of the major advantages of having a prenuptial agreement is that in the event of a future divorce, it can make the process move at a much faster and smoother pace since both parties are deciding in advance what property will be handed over to them if the marriage ends. Thus by creating a prenuptial agreement in advance, couples can avoid a possible contentious divorce in the future.
Alimony payments are also an issue that can be addressed in a prenuptial agreement. The terms and conditions of a prenuptial agreement can outline if a spouse will receive alimony and, if so, how much and for how long.
So should a potential divorce come about to dissolve the marriage, having a prenuptial agreement may help give a clearer understanding of the economics of dividing the property the couples possess.
Disadvantages of a Prenuptial Agreement
While it may seem like a good idea for a couple to get a prenuptial agreement, only some couples may be interested in creating one. One of the downsides of a prenuptial agreement is that it needs to be done before marriage which can put a damper on the romantic notion of “til death do us part.” In an article by NOLO, a prenuptial agreement not only could be a potential romance killer if not properly handled, but it may also be unnecessary in some cases.
In addition, preparing a prenuptial agreement can add to all the other stressors that come with planning a wedding.
Further, issues such as child custody or child support may come with a divorce that cannot be settled with a prenuptial agreement.
How a Divorce Mediator & Attorney Can Help with Prenuptial Agreements
While the process of a prenuptial agreement may not be for everyone, knowing the option exists could benefit the couple if they deem it necessary. Especially in the world of mediation and divorce, knowing who would get particular assets ahead of time could greatly reduce unnecessary headaches and wasted money for the couple in the event of a divorce.
Having a basic knowledge of the concept, knowing the prenuptial agreement advantages and disadvantages, and consulting with a family law attorney can help a couple decide if creating a prenuptial agreement prior to their marriage is a worthwhile investment.
Want to Know More?
If you are interested in a consultation to discuss the options available to resolve your divorce, custody issues, support, or equitable distribution issues, please contact me and I can help you investigate your options. Call me, Lenore M.J. Myers, at 215-470-3121 or email me at firstname.lastname@example.org.