On behalf of Stange Law Firm, PC posted in divorce on Friday, May 4, 2018.
A prenuptial agreement may not be very romantic, but it can be the right choice for future spouses who want to protect a business or personal assets in Missouri. Because let’s face it, we all know the divorce rate in the U.S. is 50 percent and this document offers some peace of mind. FindLaw offers several pros and cons to consider when you’re weighing your options, listed below.
Pros of a prenuptial agreement
Student loans, credit cards and other debt may make one spouse’s debt load pretty heavy. A prenuptial agreement can protect the other spouse from being required to assume the obligation of debt repayment. Or a spouse may plan to give up a high-paying job once kids come along. A premarital contract helps make sure you are fairly compensated for the loss. Additional pros to weigh include:
- Protecting the inheritances of children from a prior marriage
- Limiting the amount of alimony payments after a divorce
- Protecting a business from being divided should the marriage end
Prenups can also include non-monetary details of the marriage. They can set responsibilities for decision-making and other elements of the union.
Cons of a premarital contract
In any marriage, spouses may have a hand in helping make their partner’s business successful. Entertaining business clients, partners and prospects while taking care of the home are not to be overlooked as contributions to that success. But they can indeed be overlooked if your prenuptial agreement disallows a share in the increased value of the business during your marriage. Additional cons may include:
- Starting a marriage with a contract can be off-putting and insert a perception of lacking trust
- Foregoing your right to inherit from your partner’s estate upon his or her death
- Limiting the amount of spousal support you can receive after divorce
When the birds are singing your love song at the beginning of a relationship, you may not give due consideration to the terms of the contract. You may not be able to picture the relationship ever ending and so are unconcerned about the agreement.
This article has information on prenuptial agreements that is general in nature. It is not to be considered legal advice.