EXPLAINER: Prenups and their relevance

In the wake of various divorce cases and failed marriages, it is important to delve into the concept of prenups and why they should be considered.

A lot of individuals do not like to entertain the idea of prenups as they claim it is a way of anticipating that their marriages will spoil.

It can be said that prenups are just like insurance.

According to metlife.com, "a prenup, or prenuptial agreement, is a contract between two people that’s created before they get married. It typically lists each person’s assets, and debts, and outlines how they’ll be handled should the couple divorce later on."

Although it could be viewed as being unfaithful given the length of marriages, it can be a highly useful instrument to protect assets in the event that something goes wrong.

The agreement takes into consideration, personal property of value (art, jewelry, furniture, appliances, cars, etc.), Cash and bank accounts, Education and retirement funds, Investments (like stocks and bonds), Real estate, and other property.

Arrangements on how the properties will be distributed are included in the prenuptial agreement.

Aside from the inclusion of properties and assets in the agreement which most people focus on, it also entails instructions for what happens to the children that are yet to be born.

If you have been married before and you want to safeguard your assets as well as recuse yourself from your spouse’s debt during a divorce, then you might want to take a look at signing a prenup.

Lastly, prenups help to make divorce processes simpler.

SSD/NOQ

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