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What are the benefits of a prenup?

Prenuptial agreements may be something that have gotten a bad reputation. Because Iowa couples must sign one before getting married, it may seem like a hostile agreement. However, once you understand the benefits, you will see how a prenup can actually be a very beneficial legal document that can come in quite handy in the event you ever get a divorce. 

According to Fox Business, a prenuptial agreement benefits any couple who have assets before marriage, such as a house or a car. When you create a prenup, you can use it to specify what assets belong to each of you, which is very beneficial because after many years of marriage, it can be tough remembering who owned what. It also protects your assets and helps keep them out of the marital property realm, which is split during a divorce. You can include pretty much anything in this agreement. The only exceptions are you cannot specify things related to child support or custody. Also, it must be entered into willfully by both of you and be considered fair.

This type of agreement is nice if you own a business. It can offer protection for that business, keeping it out of the assets you split when you divorce. It also can include waivers for alimony payments and protect yoru retirement accounts. A prenuptial agreement can be used to ensure you will is followed, too. For example, if you will give all your assets to you children and exclude your spouse from your will, the court may allow that to be overturned, but if you have a prenup that says the same thing, it strengthens the will. This information is only intended to educate and should not be interpreted as legal advice.

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