Prenuptial Agreements

Is it important?

A prenuptial agreement (also known as a prenup) is a written agreement a couple creates before marriage. This agreement outlines property division and more, should a divorce become inevitable. While this is not what a newly engaged couple wants to think about, making these decisions before tying the knot can prove beneficial to the marriage as a whole. 

What does a prenup accomplish?

Prenuptial agreements exist for the protection of both parties. In the event of a divorce, a predefined agreement can help alleviate the stress and heartache of certain kinds of divisions. 

Prenups can accomplish the following:

• Outline the division of property, should a divorce take place

• Keep debt separate (one party will not be held responsible for the other’s debt)

• Ensure that family heirlooms remain in the family

• Provide for children from previous marriages

Prenups cannot plan for child custody or care, nor can they encourage divorce, include anything illegal, or contain terms for the relationship. 

Why should you get a prenup?

Our question here at Kaur Family Law is why not? 

The top two reasons couples opt not to create a prenup is that they feel it predicts doom for their marriage, and they believe that, despite statistics, divorce is not in their future. Only 5% of marriages begin with a prenup, while 40–50% of marriages end in a divorce. 

Even if you know your marriage will not be in that 50%, talking through these important issues and deciding clear terms for the event of a separation can be beneficial for a relationship.