Our blog readers may think that prenuptial agreements are only worth pursuing if the parties are wealthy. While a prenuptial agreement is often a good idea for individuals who fit a wealthy demographic, they can be highly beneficial to others as well. This is because prenuptial agreements do more than protect assets.

For example, couples who are planning to marry could use a prenuptial agreement to outline financial responsibilities and rights each spouse will have in and possibly after the marriage. It can also be used to indemnify one spouse from taking on the other’s premarital or marital debt in the later event of a divorce. Working through these issues ahead of time can result in a future divorce taking less time and reduce the expenses and hassles associated with it.

When one or both of these lovers may already have a child or children from another relationship, there is often great anxiety about assuring that each party’s child(ren) shall get most or all of each party’s possessions upon his or her death, especially if the surviving party may choose to remarry at some point. “Why should the next husband or wife get my children’s inheritance?” they ask. A prenuptial agreement has the power to lock in the rights of those children, and override the provisions of the surviving party’s testamentary will if that document is inconsistent with the terms of the prenuptial agreement.

Prenuptial agreements may also clarify whether alimony shall be mutually waived if a divorce should occur, or how much shall be paid for how long, or whether the agreement shall become void after the passage of a certain amount of time (on a theory of “vesting”); how much (or all) of each party’s estate shall be free from claims (including for a spouse’s elective share) by a surviving party; and how the parties will distinguish between categories of exempt and non-exempt property for purposes of later division and distribution.

It is possible for parties to use the services of a qualified professional mediator or therapist to help them make the careful and difficult decisions and compromises that are sometimes required in these cases. Your lawyers should refer you to such professionals if the need arises. Better to bring in third party experts and facilitators than to risk having the marriage fall apart based on disagreements, misunderstandings, or hurt feelings.

The more clearly the issues described above are resolved before the marriage begins, the easier it will be for the parties to breathe a sigh of relief, get married, and go about the business of life.

There is a risk that the prenuptial agreement could be declared invalid in the eyes of the law, both statutory and judge-made. Because either spouse can attempt to challenge the document upon separation and divorce, it is important that the prenuptial agreement will stand up to the scrutiny of a judge or an arbitrator, should that be required. Your best protection is to work with a Certified Family Law Specialist who has experience drafting high quality prenuptial agreements.

Source: FindLaw, “Can Prenuptial Agreements Help You?” Accessed Oct. 15, 2014