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The benefits and drawbacks of prenuptial agreements

For many folks in Mississippi, prenuptial agreements bring to mind movie stars and other rich people. Many normal, everyday people have prenuptial agreements with their spouses, however. Although they are not necessarily for everyone, many people may find that a prenuptial agreement is suitable for their situation. It all depends on your specific circumstances and values.

What are the possible benefits of a prenuptial agreement? If one or both spouses are bringing significant assets to a marriage, a prenuptial agreement can document this. This property may be considered to be separate property in a subsequent divorce, and separate property is often not subject to property division.

Another possible benefit of a prenuptial agreement is that a prenup can support an estate plan and avoid court involvement to decide property distribution. Sometimes, a property division agreement will require a person to leave assets to their former spouse. If this person later remarries, a prenup could help them honor this agreement by limiting the property division if the second spouse later divorces the person.

A prenuptial agreement obviously could help a couple reduce conflicts during a divorce, and they can possibly help the parties avoid extended court proceedings and the associated legal expenses. They can also assign debt from such things as student loans, credit cards and mortgages to the appropriate spouse. This can prevent both spouses from sharing debt liability when this would be unfair.

There are also disadvantages to a prenuptial agreement. Many people perceive them as being unromantic. Also, a prenup cannot include child support or child custody matters. These must be decided on the basis of the best interests of the child. If a Mississippi future spouse or couple finds that they are interested in possibly having a prenuptial agreement, they have the option of consulting a family law attorney for more information.

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