You may be wondering if you should ask your spouse to sign a prenuptial agreement right after they have said yes to marrying you. This is never a comfortable conversation to have. However, it does not have to be so difficult. Take a few hours to sit with your spouse and explain to them how the future is uncertain and that it is better to be prepared rather than take a chance.
The first step is to get familiar with prenups and understand what they mean for your future. Prenuptial and postnuptial agreements are both recognized under Massachusetts law. It is highly recommended that you talk to an attorney to learn more about the same. Experienced legal counsel is necessary to ensure the agreements are drafted properly.
Benefits of a prenuptial agreement
- It protects the children from previous marriages.
If you or your co-parent has a child or children from a previous marriage, you can protect your child with the help of a prenup. A prenup ensures that the individual’s biological child gets a portion of the estate in case of their death. If there is no prenup, the surviving spouse of the individual may take away all the inheritance, leaving little to nothing for the biological child.
- It protects the financial security of both the spouses.
It is a common misconception that prenups are only beneficial for the higher-earning or richer spouse. Income disparities exist in every relationship. In some cases, one spouse may give up their career to look after the house and children. In such cases, the less-earning or unemployed spouse may include clauses in the prenup about how the higher-earning spouse should provide financial support for the children in the case of a divorce.
- It provides a comprehensive plan for the future.
Prenuptial agreements are not at all about money only. Divorce is the most common reason why people sign a prenup, but it can also be helpful to specify what happens in case of death or incapacity.
- It protects your property and gives you peace of mind.
A prenuptial agreement clearly defines what is yours and will remain yours even in the case of a divorce. The property that is solely yours is known as separate property. On the other hand, community or marital property is divided 50-50 between you and your spouse.
Overall, a prenup tells you what is yours and what is not. This not only protects your property but also gives you an easier time during a divorce. You won’t have to spend weeks after weeks arguing and fighting about what you should get. This alleviates the mental load of how the property will be split.
