A lot has been said about what a prenuptial agreement is for, and what it would usually contain. The laws have constantly changed and adapted to the necessities of the people, and have given individuals a lot of freedom and choices when it comes to marriage and life. Prenuptial agreements are no longer the taboo that they once were, and are now drawn by both sides for various reasons. No two agreements are the same, but most are similar and seek to detail the semantics of who gets what in case the nuptial arrangement breaks.
But when it comes to the main reasons why a prenuptial agreement is even drawn, there are only two classifications, under which every reason would fall.
Avoiding conflicts and legal tangles:
Gone are the days when a family had a single provider who earned for themselves and their family. With inheritances, varied assets, different sources of income and both partners earning, marriage has also become a confluence where assets are shared as long as the marriage remains intact. While no marriages are usually made with the intention to fall apart, the problems that arise during the course of a marriage may necessitate a proper valuation and separation of assets.
Legal tangles as to who gets which part of the shared assets and unlawful, unfair claims on a partner’s previously owned assets are reasons why prenuptials become essential. With a properly drawn agreement, the hassles can be avoided and they can be given a clear cut idea of which partner gets which part of the assets post a divorce. A prenuptial agreement avoids conflicts and keeps the legal hassles to a minimum.
Keeping one’s assets safe and separate:
Marriage is fast losing its status as the all-inclusive ‘everything that is mine is yours, and anything that is yours is mine’ kind of commitment. With both the people earning their own income, it is only natural that they would own separate assets that were bought out of their income before marriage. It also happens that the income and the assets so bought need not be shared with the spouse, unless otherwise decided by the individuals themselves.
A prenuptial agreement would keep these assets safe, making sure that the divorce cannot include absurd claims on the assets of either of the parties involved in divorce. Drawing a legal agreement clearly outlines the values of the assets and tells the people which of those they need to keep separate and which of those they need to include in the marriage. Inheritances, mortgaged properties and independently earned assets might be placed in separate accounts while current earnings could be a part of the marriage. This segregation is to mainly let both the partners know which assets are up for discussion and which ones are not. Writing it down and attesting it legally would ensure that there are also no legality to unfair claims if the situation so occurs.
Adapting to changing times, it is better to draw a proper prenuptial agreement with an experienced firm like Garfield Logan Law to help keep assets safe and a marriage happy.
