Planning for the future is oftentimes a big part of the lead-up to any wedding ceremony. The soon-to-be spouses are excited to start their lives together as a married couple and see what the future holds. But, planning for the future might also mean exploring the pros and cons of a prenuptial agreement.
Prenup basics
In many situations, the answer to that question might in fact be “yes.” A prenuptial agreement, commonly known as a prenup, is a contract. For most people, the idea is for a prenup to outline exactly what will occur in certain areas if the marriage ends in divorce.
For example, both spouses enter the marriage with certain assets of their own. If either spouse wants to make clear that those separate assets: 1) will remain separate, and 2) are not subject to division in any divorce proceedings, then a prenup can provide those protections. Other aspects of property division may also be part of the terms of a prenuptial agreement as well.
Alimony can be another area for prenups to cover. In any divorce in Alaska, disputes about alimony – also known as spousal support – can take any case off the rails and leave the parties fighting over money. However, if the terms of alimony are set out in a prenup, the dispute doesn’t even have to occur.
Of course, the emotional impact of discussing a prenup between spouses is oftentimes the main hurdle to overcome for those who think a prenup might be right for their situation. If you are thinking about getting a prenup in place prior to your wedding, be sure to get the right information for your own unique circumstances.