Tuesday, November 24, 2015

4 Smart Reasons Couples Are Getting Prenups Before They Say I Do

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Guest Post
Many people have an instinctively negative reaction when they hear the term “prenuptial agreement.” When prenups first became popular, they were typically viewed as a weapon by which rich spouses took advantage of less wealthy, less sophisticated partners. Making the headlines today, we often hear about celebrity scandals involving messy divorces and high-stake prenups. Questioning some of the negativity surrounding these legal contracts, I wanted to get more information.  
I decided to talk to the Scottsdale divorce attorneys to clear up any misunderstandings.  Rather than just about protecting oneself in the event of a divorce, I discovered that prenups can actually provide important advantages for both partners in a marriage. In fact, they are often used to plan for future affairs and arrange things legally in ways that are mutually beneficial to both spouses.
There are four main reasons that modern-day couples are obtaining prenups:
  1. Spouses who have children from a prior marriage are often concerned about their future financial protection. A prenup can ensure that if something happens to you, both your spouse and children will be taken care of fairly, just as you’d like.
  2. Prenups can protect against joint liability for debts. For example, if a spouse owns a small business and personally guarantees loans, a prenup can limit legal responsibility and preserve assets for both of the spouses.
  3. If one spouse co-owns a business, a clear succession plan is often necessary to obtain financing. A prenup can clarify what happens if the business owner dies, and make running the business easier.
  4. By clearly showing how assets will be titled during the marriage, a prenup can facilitate gift and estate tax planning.

Not so bad, huh?  It’s time we outsmart the old myths on prenups and romance and live realistically in love.

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