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When people got married, they think it would last a lifetime. But the sad truth is that almost half of marriages end in divorce, according to a study of Centers for Disease Control and Prevention in 2012. Because of this statistics, people enter prenuptial agreements to protect their assets. Nowadays, getting a divorce lawyer is as easy as hiring Fort Worth tax attorneys. Before entering prenuptial agreement, make sure you understand it completely and your aware of its advantages and disadvantages.
- It can protect your financial resources, in whichever form it might come (bond, properties, mutual funds, stock investment, saving account, etc.) In certain states, the law states that if a couple will not enter a prenup agreement, it is implied that they agree that they will share assets, property, and debts regardless of whose name is registered on titles or deeds. It can be disadvantageous on your part if your spouse will contribute less than you do.
- It makes it clear to your spouse that he/she will not receive your family heirlooms. It sets a distinction of which assets are marital and which are separate properties.
- It protects the financial resources intended for your children. A prenup agreement prevents your spouse from taking money or assets that are originally planned for your children. Even if most people work together for their kids even after separating, a prenup agreement prevents your ex-spouse from taking assets for his own kids over yours.
- It makes you and your spouse feel that both of you don’t feel that your marriage will last forever. Prenuptial agreements only materialize when the marriage dissolves. By creating such an agreement, it implies that you believe that your marriage is bound to fail. This can destroy your romance with your spouse.
- If circumstances change, it can make things more complicated. Be mindful that it is created on the current situations of two separate individuals before marriage. They cannot predict what’s going to happen during their marriage life.
- It will be hard to always think that you need to maintain a humble lifestyle because you will have a lower percentage of funds if the marriage will not work. It might mean you need to sacrifice expensive yet meaningful moments with your family such as vacation, buying a family car, sending kids to private school, etc.
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