A marriage is oftentimes an opportunity for two Rhode Island residents to combine their earning power in order to make more significant financial moves, such as purchasing a home or starting retirement accounts. Many couples will take advantage of the opportunity to pool their income for this mutually advantageous financial approach. But, there are some situations in which a soon-to-be married couple may want to keep some things separate. In these types of situations, a prenuptial agreement may be a good option.
Why should you get a prenuptial agreement? Well, there can be many different benefits. First and foremost, the primary purpose of a prenuptial agreement is usually to protect assets. This means that the document delineates which assets of which person will remain free from joint ownership despite the marriage. But, on top of protecting assets, a prenuptial agreement can also protect the individuals who are about to enter into the marriage from the debts of the other person as well.
But, of course, there is the obvious reason for why a prenuptial agreement can help: divorce. No one enters into a marriage thinking that it won't last, but with the common refrain that approximately half of all marriages in America do end up in divorce, it can seem like common sense for couples in Rhode Island to look into the advantages of a prenuptial agreement.
A divorce can come with significant financial challenges. Property division - and debt division - are major parts of the process. A prenuptial agreement can help couples in Rhode Island address these issues so that, in the event of a divorce, the process can go smoother.
Source: FindLaw, "Can Prenuptial Agreements Help You?," Accessed March 26, 2017