What are the benefits of a prenuptial agreement?
The benefits of a prenuptial agreement cannot be overstated. Marriage is a legal communion of property. If the marriage ends, deciding how to distribute property is often the biggest source of conflict for couples. Prenuptial agreements minimize such difficulties by:
- Documenting each spouse's separate property to keep it separate
- Avoiding court involvement and the potential for a judge to decide on property distribution
- Avoiding extended court proceedings, which invariably include divorce attorneys who charge an average of $200 per hour
- Assigning debt (credit cards, school loans, mortgages) to the appropriate spouse, so both spouses don't share debt liability