Traditionally the time leading up to a marriage is filled with flowers, intimacy, and quite a bit of sharing. Sharing the couch, remote, drinks, and meals is commonplace in the early stages of an intimate relationship. As the relationship develops the couple tends to reclaim their individual lifestyles and the intense flames of romance give way to a dull but steady ember.
During this transition from soon-to-be newlyweds to the seasoned couple, legal documents are somewhat of a foreign thought. Many couples naively believe that the legal documents involved in their relationship begin and end with the marriage license. If you are embarking down the road towards marital bliss you should stop and consider whether a prenuptial agreement is right for you. Here are some benefits of a Minnesota prenuptial agreement:
The legal requirements are minimal. A valid prenuptial agreement exists where two consenting adults agree, disclose all earnings and properties, and consult with their own legal counsel if they see fit. Further, the agreement must be notarized and witnessed.
Everything is on the table. Romanticism aside, marriage means that two parties are entering into a legally binding contract in which they are essentially one unit in the eyes of the law. This means married parties can be considered responsible to one another’s creditors and assume liability for one another’s borrowing habits. A prenuptial agreement by its nature requires that all properties and earnings are put in the open for both spouses’ consideration.
Divorce happens. While it may be inconceivable that your marriage could end, there is no denying that divorces can and do happen. If the marriage never ends, the prenuptial agreement was merely a minor inconvenience. If the marriage does end, the prenuptial agreement serves to protect both parties from one another’s self-interest in the way that they both intended to during the more blissful parts of the relationship.
Think of the children. If a divorce were to occur, the marital property is not the number one priority for parents. Ensuring that your property is and has been divided safely by the spouses from the beginning allows parents to focus on their most difficult division: their children.
Divorce can be costly. The price of a divorce proceeding ranges greatly depending on what is at stake and the severity of disputes between spouses. A well-written prenuptial agreement has the benefit of removing a primary source of dispute, property division, while decreasing the items left to have a dispute about.