The Pros and Cons of Prenuptial Agreements – Family Law Corp PC Philadelphia and Main Line Law Firm
If you’re getting ready to tie the knot, the thought of a prenup may have you tied in knots. But many divorce attorneys suggest that getting a prenuptial agreement, a legal document that determines how assets will be divided and protected in the event of a divorce, is a smart financial decision.
Pro: A prenup can reduce the cost of divorce. No one wants to consider this because no one goes into a marriage believing there will be a divorce. So why plan for something that won’t happen?
Pro: A prenup can protect your friends and family. A prenup is also a way to protect valuable assets you want to stay in your family. And, of course, if this is a second marriage for either of you, and there are already children in your life, think of your children or stepchildren. A prenup could make their lives a lot less complicated in case of a future divorce.
Pro: A prenup lets you and your partner make decisions, not attorneys and judges.
Pro: A prenup forces partners to discuss money. Couples divorce for a lot of reasons, from incompatibility to infidelity, but stress and disagreements over how to manage money is certainly high on the list.
Some of the topics you can expect to discuss, include:
Credit and debt.
Savings.
Planning for retirement.
Working versus being home with children.
College savings.
Owning real property versus renting.
Payment of expenses.
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