Prenuptial Agreement

Prenuptial Agreement
Prenuptial agreement or what is often called “prenup” is a legally bound contract made by a couple before they marry concerning the ownership of their respective assets. To some people, a prenuptial agreement is an insurance issue, to others it is a trust issue. Is a prenuptial agreement really important? Does every engaged couple need one before they get married? What happened to the foundation of love and trust? With much speculation, this topic has become an intriguing argument. By CDC reports, which come from census numbers, it looks as though divorce rates for Americans are decreasing. But so, too, are the marriage rates — and the two are decreasing in a harmonious manner. While the divorce rate per 1,000 people hovered at 4.0% in 2000 and by 2011 was at 3.6%, it's important to note that the marriage rate was 8.2% in 2000 and fell to 6.2% by 2011. The need for a prenup is partly a question of timing. The issues covered will probably arise sooner or later in marriage and concern managing money, property rights, and responsibility for debts. And if the marriage fails, the couple will certainly need to deal with divorce decisions. Whatever the case is, it can be helpful to look at the most common advantages and challenges first before thinking of making a prenuptial agreement.
In reality, a prenup is not romantic. Being engaged conjures up images of candlelit dinners and walks in the moonlight. Although marriage is a financial partnership as well as a romantic one, discussing something as ordinary as property and finances, as well as the possibility of divorce, will spoil an otherwise beautiful time of an engaged couple’s lives. The same thing goes for those couples in a long term relationship who are just planning to get married. What if one is against a prenuptial agreement? Could imagine what a woman would feel when a guy said, “Will you marry me?” followed with, “By the way, I want a prenup.” Such statement could totally kill the magical moment. Discussing what goes into a prenup could be unpleasant and stressful, leaving one or both of them with bad feelings about the relationship.
The good news is that making a prenup can protect the properties already established before marriage. It also defines what property is considered marital or community property. Furthermore, it clarifies special agreements between the couple. Thus, it establishes procedures and ground rules for deciding future matters. In general, a prenup reduces conflicts and saves money if the couple decides to get a divorce. According to Herring and Mills, board certified family law specialists based in North Carolina, prenups state how certain issues will be handled should they ever arise. The husband, for example, may agree to pay the wife four thousand dollars ($4,000) per month in alimony should they decide to divorce. If, ten years later, the parties separate and plan to divorce, the issue of spousal support has been resolved, as the husband has already agreed to pay it and the wife has agreed to the amount she will receive. While there is a lot to be said for a carefully considered, clearly written prenup, there are also some downsides to consider.
While people often imagine that negotiating a prenup leads to conflict, communicating about money matters can actually improve the quality of a relationship and support good communication in marriage. However, only see the value of prenuptial agreements whenever a major imbalance in wealth exists. In most cases, money can make people act a little bit crazy. Some people think that if thousands of dollars and a lot of assets are on the line, a prenuptial agreement may be needed just to keep both families sane and ensure that intentions are true. They do not take into considerations the principles of a solid marital foundation; commitment, communication, patience, and strong faith in God. A prenuptial agreement can alleviate potential problems in a marriage and though uncomfortable, they are probably a beneficial part of a marriage.