Tennessee residents likely understand that marriage is a contract with legal ramifications, but the extent of these consequences is outside of their comprehension. A marriage is not only an agreement that joins two people, but it also unites their finances and their previous children, if are any. Just like a marital contract affects a person’s life, the marital termination contract will affect it. One way to get control of the way it affects one’s life can be by drafting a prenuptial agreement.
Increase in prenuptial agreements
More and more millennials have begun asking for a prenuptial agreements, as they are more likely to be employed before getting married and have assets to protect. As they are waiting longer and longer to get married, their savings and debts accumulate. The process of entering into a premarital agreement allows the couple to be transparent about their financial history and future goals with one another. It can serve as a talking point for couples before getting married and as a way to ensure they are on the same page about how much they want to save and their career paths.
How does a premarital agreement work?
A premarital agreement lets the couple take control of how their assets and liabilities will be divided in case of a divorce. Often times, when a court makes this decision it does not suit either party. Additionally, when couples enter into these agreements at the beginning of their marriage when they are feeling strongly about one another, they are more likely to make decisions that are in one another’s benefit. As a result they are more likely to fairly distribute property rather than at the end of the marriage when couples are not likely to be feeling affectionate to each other.
Its difficult to talk about what happens at the end of the marriage before even entering into it. It might seem like a bad omen to most, but couples should consider it a safety net. If the couple stays together, then the agreement never comes into play and if it ends, couples already have a game plan. An experienced attorney can help couples hash out the terms of an enforceable contract.