Marriage is a milestone moment in the human life, but unfortunately it goes hand in hand with divorce. In fact, around 1 in 3 marriages in Australia will end in divorce, with the likelihood of divorce increasing the more times individuals marry.
With so many couples dealing with divorce papers, it makes sense to talk about things like a prenuptial agreement. A prenuptial agreement, often colloquially known as a ‘prenup’ is a written agreement (like a contract) relating to assets and wishes that each individual brings into the marriage. Getting a prenuptial agreement is not just something that you do if you’re fabulously wealthy. It has become more and more common to get a prenup these days even if you’re of average wealth. This is because there are many benefits to having a prenup that people may not be aware of. Here are a few of the reasons that it is important to create a prenuptial agreement if you’re planning to marry, even if the idea of divorce and divorce papers is something you’d rather not think about.
It Can Protect You From Debts
Nobody wants to be saddled with debts that they didn’t create in the event of a divorce, but what you may not know is when you’re dealing with divorce papers, debts are often paid from the sum of a couple’s assets. If your significant other has come into your relationship with any debt, your prenuptial agreement can clarify your non-responsibility of the debt. This kind of prenup clause means you won’t have to stress about ending up with a debt that isn’t yours if you divorce.
It Can Safeguard Your Assets
Many people marry later in life these days, which means they have often had more time to build up assets of their own. A prenup means that those assets are safe if you happen to get a divorce. Without a prenuptial agreement, divorce papers will gather any assets and divide them, which doesn’t really make sense if you brought more assets into the relationship, or your assets are ancestral in nature (like property left to you by family). It would be terrible to lose that in a divorce, which is why a prenup is such a good idea.
It Can Clarify Your Wishes In The Event Of Death
Prenuptial agreements take into account more than just divorce and the complexities of divorce papers, they can also be useful in the event of your death. If you want to leave your assets or a portion of your property to children from a previous marriage or another family member, a prenup can help you do this. Without a prenup, these assets generally go to your surviving spouse.
It Can Help Avoid Arguments In A Divorce
Divorce can be a challenging time in anybody’s life, but dealing with divorce papers is often made worse by the ceaseless arguing over who gets what. With a prenup, you don’t have these divorce battles. A prenuptial agreement clarifies who owns what, meaning less complicated arguing while you work out divorce papers. While you shouldn’t look at a prenup as planning for divorce, in the event that you are dealing with divorce papers, having a prenuptial agreement can make things so much easier on both parties, and keep everyone’s financial security protected.
If you want advice about getting a prenuptial agreement, or dealing with divorce or divorce papers, from a professional in all things law, get in touch with Kate Austin Family Law. They can help you make sense of the ins and outs of getting a prenup, and can support you if you’re dealing a divorce by consulting on divorce papers and other associated documentation.