Don't overlook the pros and cons of a prenuptial agreement

One thing that many people talk about before a marriage is whether a prenuptial agreement is a good idea, or the right idea, for their marriage. For some, asking for a prenuptial agreement may signify that they don't trust their partners, but that shouldn't be the case. In fact, a prenuptial agreement can protect both parties and should be used to do so.

There are benefits and downsides to seeking a prenuptial agreement. Before you decide if one is the best choice for your marriage, consider the following.

The benefits of a prenuptial agreement

The positive parts of a prenuptial agreement include many things like being able to distinguish individual or marital property, avoiding a lengthy divorce and establishing ways to reduce conflict during a divorce.

Prenuptial agreements help you assign debt and liability as well. This is one way they can protect you and your spouse. If each of you keeps your own debts instead of creating a marital debt, then your spouse doesn't have to worry about your individual debts following a divorce.

The downsides to a prenuptial agreement

Although most marriages benefit from a prenuptial agreement, there are some downsides to consider. It's true that a prenuptial agreement isn't romantic, and the timing might not be right when you decide you want to talk about a prenuptial agreement. In that case, consider a postnuptial agreement. You still get protected, but you don't have to create the agreement until after you're married.

These are some benefits and downsides to prenuptial agreements. With the right legal documents in place, you can protect yourself, your spouse and your future.

Source: FindLaw, "How to Determine if a Prenuptial Agreement is Right for You," accessed Jan. 10, 2018

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