Marriage is, without a doubt, one of the true blessings of modern life. Meeting in union with another person and bringing your lives together is a monumental occasion. However, as we all know, marriage is not always binding. Things can go wrong, and a relationship can sour. When that happens, divorce mediation is often next on the list of things to do. Divorce, though, can become a hugely expensive challenge.
Add in the other costs in divorce, such as child support and ensuring that assets are split fairly, and your dream marriage can soon become a nightmare divorce. With that in mind, many people choose to go down the route of undertaking a prenuptial agreement through a family law specialist.
A prenuptial agreement can offer clarity
One of the most challenging parts of a divorce is ensuring that all parties feel fairly treated. Often, one party can ask for far more than the other is either willing or able to provide. This can lead to serious disputes that lead to extended (and expensive) trips to court. Not only can the dispute become increasingly bitter, but you can be spending large sums of money and time to make no new progress.
Prenuptial agreements, though, give both parties entering the marriage a chance to clarify what belongs to each party. Then, should divorce ever take place, there is a set-in-stone agreement as to what assets belong to each individual.
This is essential as it can provide total clarity. Now, one side of the relationship cannot start calling to take ownership of an asset that clearly is not theirs. Without a prenup, though, a lot of time and effort can be wasted trying to find agreement and consensus.
It also provides essential security to the parties involved. Getting married is a huge financial risk, and all it takes is one incident to bring about a divorce. So a prenup can actually be the most crucial factor in making someone agree to a marriage in the first place. Why? Because it allows them to know that one bitter dispute will not bring about a fight for assets in a courtroom.
Prenups remove the need for length, emotionally draining courtroom battles
Nobody wants to be airing their grievances out in public. It is not an enjoyable time, and it can lead to an increasingly bitter court battle. Consider that other people – family, children, and friends – are also likely to be caught in the middle of a divorce. With a prenup, the marriage can end without dealing with one another through extensive fights over assets.
With everything agreed beforehand, both parties can walk away before the already strained relationship becomes toxic. It can be tough to get things right, of course, and some find the idea of a prenup insulting. However, it could save both parties a lot of time, effort, and money down the line if it can be agreed upon.
Marriages are happily ever after until they are not; being prepared for the worst-case scenario can help avoid a nightmare divorce that takes years to settle in full. From both a financial and personal perspective, these agreements make perfect sense.