Prenuptial agreements have become increasingly popular among couples. Before tying the knot, couples often opt to create this type of legal contract that allows them to stipulate the division of assets in the event the marriage fails. Couples can mutually agree upon and specify the terms that will apply to the termination of their marriage regarding property distribution in their prenuptial agreement. Although there are several pros to creating a prenuptial agreement, there are some cons that make couples hesitant to establish this legal contract. If you are interested in drafting a prenuptial agreement, please read on and contact a trusted Memphis, Tennessee Prenuptial Agreement Lawyer who can help you protect your hard-earned assets.
What are the advantages and disadvantages of a prenuptial agreement in Tennessee?
There are several advantages to having a prenuptial agreement. However, certain drawbacks make couples hesitant to create this type of legal contract. One of the major drawbacks or cons of this type of legal contract is that they take away the romance. Understandably, no one wants to believe their marriage will ever fail before they tie the knot. However, it is always better to be prepared as certain obstacles can be challenging to overcome in a marriage. Although it is a difficult topic to discuss before marriage, it is important to take the necessary steps to protect your hard-earned assets for the future. Nevertheless, an advantage of having a prenuptial agreement is that it forces couples to have tough conversations with their partner. When creating this legal agreement, both parties will have to disclose their assets and debts. This is extremely beneficial as money problems are a common cause of marital problems that lead to divorce.
In addition, in the unfortunate event that a marriage does fail, this type of legal agreement not only can reduce the cost of a divorce but alleviate a lot of the stress associated with it. One of the most overwhelming and complex aspects of a divorce is the division of assets. Couples won’t have to deal with this issue as they have already dictated essentially “who gets what” in the event the marriage fails in their prenuptial agreement. This saves couples a significant amount of time and money as some divorces can take as long as a year or more. It is especially beneficial for couples in Tennessee, as it is an equitable distribution state which means assets are divided fairly, not necessarily equally. This means one spouse could be granted a larger portion of marital assets if the court deems it fair. In some cases, a disadvantage of this legal agreement is that it favors one spouse. One spouse may dictate the terms of the contract, without letting the other spouse make any important decisions. This leads to unfair terms that are not equitable. A determined Memphis, Tennessee prenuptial agreement lawyer can help ensure both parties mutually agree upon the terms stipulated in a prenuptial agreement.
If you are interested in creating a prenuptial agreement, reach out to one of our qualified team members. Our firm is committed to helping our clients protect their assets with this type of legal contract.
