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Prenuptial agreements have specific pros and cons

Prenuptial agreements are important matters for people who have considerable assets coming into a marriage; however, that isn't the limit of what these agreements are suitable for. A prenuptial agreement can help you to protect an inheritance you expect to get. It can also help you to set the tone for how finances will be handled during the marriage.

One of the primary concerns about a prenuptial agreement is that there will be animosity because of the desire to have the agreement. While this is the case in some relationships, other people realize that these agreements are simply there to offer protection for both parties.

Some premarital agreements protect a person who doesn't have significant debt coming into the marriage from having to take on the other person's debts. This is important for a person who is concerned about having to pay someone else's debts if they are divorced.

If you have a business, you can include provisions for the business in the prenuptial agreement. For example, the agreement might stipulate that your future spouse won't be entitled to a share of the business if you divorce. Alternatively, it could lay out the financial compensation for your spouse if he or she helped to build the business.

A prenuptial agreement is a contract, so you must ensure that you understand the terms set forth in it. If you have any questions, you should get those answered before you sign the agreement. You also must ensure that it is presented properly and that it is legally enforceable so that you can enjoy the protections the document offers in case you get a divorce.

Source: FindLaw, "Pros and Cons: Premarital Agreements ("Prenuptials")," accessed Feb. 17, 2017

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