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The importance of creating a prenuptial agreement

Entering into a marriage is a sacred and one of the most important moments of a couple's life. In the months leading up to a marriage, the last thing a couple wants to do is think about the possibility of divorce. But, as we've all come to learn, according to the American Psychological Association, approximately 40 to 50 percent of marriages in America end in divorce. With that in mind, it is wise to seriously consider creating a prenuptial agreement, also known as a prenup, prior to the marriage, in order to protect each spouses' finances and to ease the complex split of marital property if the marriage does end prematurely.

There are many benefits to setting up a prenuptial agreement. Not only do prenups protect each party's assets, which can be especially important if one or both parties are wealthy, but it also protects each party from being responsible for the debts of the other party. Prenups are also used to determine the split of property upon the death of one spouse and can include decisions about the financial responsibilities and rights of each spouse.

It is important to note that a prenup is only valid if both parties are in complete agreement with every aspect of the prenup and cannot be made valid if either party was coerced or not of sound mind to make the decisions contained within the prenup.

While a prenup can be created together by a couple, it is in the best interest of each party to have the document reviewed by each spouse's lawyer to make certain that it complies with state laws and that it is fair to both parties.

Source: FindLaw, "Can Prenuptial Agreements Help You?", accessed March 17, 2015

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