Many people associate prenuptial agreements with the rich and famous, but this is not always the case. While you may not think you own enough assets to make a prenup agreement a worthwhile investment, think again. This is not to say that every soon-to-be-married couple should contact a prenup lawyer in Oklahoma, but with roughly half of all marriages in the United States ending in divorce, a prenup agreement may be something to consider. Each and every couple is unique, so it is important that you base your decision regarding a prenup on your individual circumstances. It may be helpful to get in touch with a prenup law firm in Oklahoma and go over the pros and cons of these types of agreements in more detail before you make any decisions. Meeting with a prenup lawyer will also give you a better idea of the Oklahoma law regarding prenup agreements in the unfortunate event your marriage needs to be dissolved. Below we have compiled a brief list of the pros and cons of a prenuptial agreement to help you determine if it is right for you.
Pros of a Prenuptial Agreement
Here are some of the main benefits of a prenuptial agreement:
- Helps track each spouse’s separate property upon entering into the marriage
- Protects each spouse’s individual property
- Distinguishes between what is marital property and community property
- Documents and details any special arrangements between spouses
- Aids in avoiding long court proceedings, which can be expensive
- Reduces conflicts during a divorce
- Establishes specific procedures and rules for possible issues that may come up in the future
- Helps the appropriate spouse avoid sharing debt liability
While an uncomfortable discussion, it is extremely beneficial for spouses to discuss their finances, properties, and other assets that may cause disagreements down the line. If you and your spouse can find a common ground and get on the same page regarding these issues before you marry, you will have a better chance of maintaining a healthy marriage.
Cons of a Prenuptial Agreement
Here is a short list of the downsides that should be considered before creating a prenuptial agreement:
- It is not a romantic task
- You may not know the answers to some of the questions, especially if marrying young
- State laws may cover all the issues you have concerns about and a prenup would therefore be irrelevant
- Prenups do not cover child support or child custody issues
- Prenups cannot include personal preferences (such as chores, what school your children should go to, and where you will spend the holidays). They are solely designed to address financial issues
Many people cringe at the thought of a prenuptial agreement and believe it is only setting your marriage up for failure. However, prenups are proven to be very beneficial in many cases. If you are considering discussing a prenup with your partner and would like legal guidance, please contact Atkins & Markoff today. Our knowledgeable team of Oklahoma prenup lawyers are here to help ensure you make the decision that is best for you and your spouse’s future.