Pros and Cons of a Prenuptial Agreement

A prenuptial agreement is a legal document that many couples rely on to protect their assets and property in the event of a divorce. A prenup is a legally binding contract that can map out how a couple will divide their property if the marriage ever ends. If you and your spouse are currently debating whether you need a prenuptial agreement, review these potential pros and cons to help you reach a decision.

Advantages of a Prenuptial Agreement

Prenuptial agreements are becoming more and more popular due to debunked misconceptions about prenups only being for the rich or couples who plan on getting divorced. In reality, prenuptial agreements are a good option for anyone who wishes to protect their assets against any eventuality – including divorce or legal separation. A prenup can have many enticing benefits, such as:

• Protecting your most valuable assets. Washington State uses a community property law to divide assets in a divorce case that goes to trial. This legal model divides all marital assets down the middle (50/50), regardless of what is fair to both parties. A prenup can allow you to determine how you wish your property to be distributed in the event of a divorce.
• Avoiding a costly and stressful contested divorce case. You can decrease the odds of a contested divorce, where you and your spouse cannot agree on the terms of the split and have to go to trial, by deciding complicated issues like property division in advance, while you are still getting along and can cooperate with each other. This can save you time, money and stress in the future.
• Defending yourself against debt. If your future husband or wife is entering the marriage with a lot of debt, such as student loans, personal loans or credit card debt, a prenup can protect you from absorbing half of it in a divorce. You can specify in your prenup that your spouse will be responsible for 100 percent of the debt that he or she brought into the marriage.

A prenuptial agreement does not mean that you do not have faith in your marriage or partner. In fact, any prenup that encourages a dissolution of marriage will be deemed invalid in Washington. A prenup is simply an effective way to make each party’s financial responsibilities clear, protect your property and heirlooms, ensure a better inheritance for your children, and minimize legal tension if you ever get divorced.

Potential Drawbacks or Disadvantages of a Prenuptial Agreement

You may not need a prenuptial agreement if neither you nor your spouse is bringing a significant amount of property or debt into the marriage. If you’re on the fence about getting a prenuptial agreement, consider these potential cons:

• It may spark an argument or ruin the romance. Prenups are a sensitive topic for many people. You may need to broach the subject in a way that shows your spouse you are not assuming the marriage won’t work out.
• It costs money. Creating a strong and legally valid prenup in Washington costs money, as you need to hire an attorney to draft this document for you to ensure it is legally sound and will be upheld if you should ever need it.
• It might be unnecessary. Although this could be viewed as a pro, as it means that you and your spouse have a happy and successful marriage, it can also be frustrating to go through the process and cost of creating a prenup only for it to not be necessary.

A prenuptial agreement is a great way to protect yourself from having to split your hard-earned assets with your spouse if things in your relationship go south. To learn more about prenuptial agreements in Washington or to get started with this legal document, speak to a Clark County prenuptial agreement attorney at Cohen Family Law, LLC.