The Basics of Prenuptial Agreements

by: CristiTrusler
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Prenups are no longer just limited to wealthy couples. People in all kinds of situations and from all socio-economic backgrounds are deciding to spell out their responsibilities and rights before their wedding. And, if a couple decides to divorce at some point in the future, it can clarify how assets and property will be divided.

In a nutshell, a prenuptial agreement is a written contract created by a couple before they are married. It usually lists the assets and debts of both parties, and also states what each person's property rights will be after the marriage ends, either through divorce or death.

All types of people realize the benefits of using a prenup and therefore they have started using it. It is not meant for wealthy people alone anymore.

Couples who are blending families may find a prenup particularly useful, as it will allow them to pass on property and assets to their children while still providing for each other. In this particular case, a prenuptial agreement prevents all property and assets passing to the surviving spouse, and protects the children of the deceased spouse.

Prenuptial agreements also clarify financial rights and responsibilities during the marriage. If one partner has significant debt, a prenuptial agreement can protect the other partner by releasing him or her of the responsibility of the debt incurred before marriage.

Prenuptial agreements can also help couples separate more amicably and with less stress should they divorce. While there are still a few states that won't allow a spouse to give up rights to alimony (sometimes called spousal maintenance) a prenuptial agreement can address whether or not the spouse will receive alimony.

If a couple signs prenup agreement it does not mean they are not strongly committed to each other. Neither it means they do not trust each other. On the other hand, it may mean just the opposite. It may help you to build a stronger marriage as it clearly states what is expected of each one.

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