7 Advantages of a Prenuptial Agreement

Getting married is a major stepping stone. Not only is it a promise to spend the rest of your life with someone, it is a promise to become legally tied to that person. For those couples lucky enough to be happily married for years to come, becoming legally bound is not an issue at all. Unfortunately, approximately half of all married couples end up filing for divorce at some point. In these instances, undoing that legal tie can become a significant challenge. If you are getting married in the near future, the attorneys at the Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C. are here to help you ensure that your interests are protected.

Prenuptial Agreements Help Guard Against The Unknown

 It is often challenging to predict which marriages will "live happily ever after" and which will end in divorce. Since it is impossible to predict how your marriage will progress over the years, it is wise to protect yourself from possible negative outcomes. Drafting a prenuptial agreement before tying the knot can help protect you and your assets in the event that you and your spouse ultimately end up filing for divorce.

 Prenuptial Agreements Offer Several Advantages

 Drafting a premarital agreement may not be the most romantic activity you and your spouse-to-be can engage in, but it is nevertheless a wise move that may become invaluable in the long run. Prenuptial agreements offer several distinct advantages for couples who file for divorce. A prenuptial agreement can also be helpful even if you stay married forever, as it can help supplement your estate plan.

 Consider the following examples. Premarital agreements can...
  1. Identify which property/assets will be considered marital property and which will be considered individual.
  2. Identify which debts/liabilities will be considered marital and which will be considered individual.
  3. Establish basic ground rules for resolving future disputes.
  4. Reduce the costs of divorce.
  5. Ensure financial stability for your children by supplementing your estate plan.
  6. Outline how alimony may be awarded.
  7. Ward off future conflicts, thus simplifying the divorce process.

These are just a few of the ways premarital agreements can benefit you and your spouse; the list of advantages does not stop there. If you are interested, one of our family attorneys in Camdenton MO would be more than happy to discuss with you some of the other ways a premarital agreement may be able to benefit your relationship.

Prenuptial Agreements Are Not All-Encompassing

While it is true that premarital agreements offer a wide variety of advantages, it is important to realize that they do have certain limitations. Specifically, prenuptial agreements cannot be used to define how child custody, visitation rights, or child support will be awarded in the event of a divorce. These specific aspects of divorce depend heavily on details that cannot be predicted in advance, such as what the couple's financial situation will be when they have children and which parent will be better equipped to be the caregiver at the time of the divorce. Nevertheless, premarital agreements offer enough other unique advantages that taking the time to draft one is often still worthwhile endeavor.

Contact Phillips, McElyea, Carpenter, & Welch, P.C. To Build Your Prenup

If you and your partner are preparing to tie the knot (both metaphorically and legally), we encourage you to set aside some time to visit with one of our family attorneys at the Lake of the Ozarks. We can help you build a solid prenuptial agreement that will serve to protect each of your interests. Please note that building a strong prenuptial agreement takes time and attention to detail; in order to build a proper agreement, we recommend that you begin the process at least six months prior to your wedding date.

For more information about building a prenuptial agreement at the Lake of the Ozarks, contact our office at (573) 346-7231.
Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C.
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