While you are planning your wedding, you are likely thinking about your life with your new spouse, reception details, honeymoon plans and more. You are probably not giving much thought to what could happen if your marriage ends at some point in the future, but it is beneficial to consider this possibility. Even if you think a divorce will never happen, it may be beneficial to plan for this contingency.
An important aspect of this includes drafting a prenuptial agreement. This is a document that outlines how property division will work in the event of a divorce, as well as other details that are important to the specific Arkansas couple. If you are preparing to marry, you may benefit from considering this type of contract, even if you are unsure that it is truly necessary for your specific situation.
Who really needs one?
People often believe they don’t need a prenup because they are not wealthy or they don’t have enough assets to make it worth the effort. In reality, most couples could benefit from the protections provided by this type of contract. It could be especially useful if one or both spouses are business owners, or you expect to receive a valuable inheritance at some point during your marriage. It may also provide you the opportunity to protect the financial interests of kids you have from a previous relationship.
While the most common intent of a prenuptial agreement is to determine the division of property in case of a divorce, it can also allow you to accomplish other things. For example, you may be able to use your prenup as a way to outline financial responsibilities and expectations over the course of your marriage. This could reduce the chance of disagreements over finances, but it could also reduce the potential for future complications in the event of a divorce.
Confidence for the future
One of the primary reasons to consider drafting a prenuptial agreement is that it allows you to face an uncertain future with confidence. This effort allows you the chance to have a say in what happens in case of a divorce, as well as protect individual assets that you already own or may receive in the future. An assessment of your individual financial situation may provide you with insight regarding the details that you may need in your prenup.