Do We Need a Prenup? The Advantages of a Premarital Arrangement

May 5, 2015 by

Marriage is often considered a monumental step. After all, the decision to spend your life with another person is not something to be taken lightly. It’s extremely important to know whether you and your partner are on the same page about the most fundamental and essential things. As such, couples who are deciding to get married can’t do it in a heartbeat. There are several considerations to discuss and be made among each other. One way these considerations can be laid out and become legally binding is through a premarital arrangement.

A premarital arrangement, also popularly known as a ‘prenup’ or a ‘prenuptial arrangement’, refers to a legal document that serves as a contract between a couple who is about to be married. The contract details a list of each couple’s properties, assets, and debts, as well as specific agreements about financial decisions to be made in the event that the marriage will end (either by separation, divorce, or death of a spouse). These financial decisions include items on issues like property distribution and death benefits.

Creating a premarital arrangement is a necessary step during a couple’s engagement because of the many advantages it can bring. For one, signing a premarital contract ensures the financial stability of each couple. It can also protect any children the couple may have financially. Both parties can rest assured that neither of them nor their children will face any financial difficulties should a death occur or should they decide to walk away from their union. In the event of a divorce, having a premarital arrangement can also ease any tension or conflict that usually stems from such an emotionally stressful time.

According to the website of Arenson Law Group, PC, a prenuptial agreement is a legally binding contract, a premarital arrangement will be subject to the decision of the court. It will be up to a judge to decide if the clauses stipulated in the premarital contract is valid and reasonable. Because of this, drafting an arrangement on your own can be difficult and arduous and the hiring of a skilled lawyer is highly recommended.

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