Marriage is such a long-term commitment, and you shouldn't get into it blindly. Ideally, you should prepare well before you settle down with someone. One of the ways you can do that is by drafting a prenuptial agreement. The agreement outlines how you will share property, debt, custody and other assets during the marriage and in case of a split.
There are essential things to know about the advantages of a prenup if you are thinking of making one with your future partner.
Safeguard Property When Remarrying
Most people think a prenup is for wealthy people to safeguard their assets, but that is not true. According to family law, you can use a prenup for various other things. Firstly, a prenup can help you divide property from a previous marriage between the children. If you are remarrying after a divorce, you should consider your children's welfare when you pass on. You can separate the property from your previous marriage for the children.
Secondly, a prenup will put the record straight regarding your finances. Some couples also use a prenup to throw light on their financial rights after they marry.
Minimise Misunderstandings During Divorce Proceedings
One of the things that make divorcees go haywire is property issues. Therefore, it would not go well with you if you skipped the prenup step. By explaining how your property will be shared when you die or separate, you can have a less strenuous divorce process.
Family law also requires you to have an agreement before marriage to shield yourself from your spouse's debts when you part ways.
Avoid State Interference in Dividing Your Property After Divorce
Without a prenup, the state will determine the valid owner of the property acquired during the marriage. It will also decide what happens to the wealth if divorced or if your spouse has died. These become community property. In some cases, lack of a prenup may affect property owned before the marriage.
Other things that may happen are that you may incur debts left by your ex-spouse. You might also lose authority in what happens to the property; that is, you have no power to sell the property or give it away. Therefore, you need a prenup to avoid falling victim to the situations mentioned above.
These are just a couple of the things you should know about prenups. If you have more questions, talk to a legal representative who specialises in family law.