As a couple prepares to enter into a marriage, probably the absolute last thing they want to think about is the possibility of divorce. But, the sad reality is that various reports estimate that in the United States approximately 50 percent of married people will experience a divorce in their lifetime. And, along with child support, child custody and potential alimony to be discussed and decided upon, property settlement can be among the most complicated issues to discuss and come to an agreement upon.
With that in mind, more couples have decided to form and sign prenuptial agreements, commonly known as "prenups," in an effort to discuss and hash out specifics of property division in the event of a divorce.
In addition to protecting each person's personal assets obtained prior to a marriage, a prenup will also protect each spouse from the partner's debts brought into the marriage. In addition, a prenup can be used to form an agreement regarding the couple's asset division during divorce, the passing of property following a divorce and the rights and responsibilities of each partner during the marriage.
It is important to note that prenups must be formed without coercion or pressure from either party. In other words, the prenup must be fair to both sides. As previous posts here have noted, property settlements can get quite messy during a divorce.
There are guidelines and laws in each jurisdiction that regulate prenuptial agreements. Getting the right information about your options when discussing a prenuptial agreement can be helpful.
Source: findlaw.com, "Can prenuptial agreements be right for you?", Accessed June 2, 2015