Most couples never imagine they will split up when they say 'I do,' but with nearly half of all marriages ending in divorce, it may be beneficial to plan for it in advance. Couples in Mississippi and elsewhere may feel like a prenuptial agreement is something only the wealthy need to consider. However, having such a document can protect anyone of any economic status.
Some couples look at prenuptial agreements as an insurance plan. It allows them to determine how to divide their assets in advance in order to avoid a costly and possibly contentious legal battle down the road, should they decide to divorce. As with any legal document, drafting a prenuptial agreement takes some planning and time. Most couples need at least three months to put together all the financial information and negotiate the terms.
While discussing the provisions of a prenuptial agreement, couples may want to consider how their financial situation may change over time and build some flexibility in their agreement. This may include discussing how to protect against worst case scenarios that can dramatically change a couple's finances. Additionally, prenuptial agreements can contain sunset clauses, which are designed to provide more generously for a spouse over the years.
There are many other issues that can be considered in the terms of a prenuptial agreement so that couples can ensure that it meets their needs. Mississippi couples who are interested in drafting a prenuptial agreement may find it beneficial to become familiar with the applicable laws of our state. These agreements hold up in divorce proceedings about 90 percent of the time, so it is important to consider the terms carefully before making the document legal.
Source: Fox Business, "Why You Should Consider a Prenup," Andrea Murad, Feb. 4, 2013