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Marriage contracts and prenuptial agreements sound like they’re just for celebrities or rich people. However, despite the association with wealth, these agreements can be very beneficial for ordinary people.

What is a Marriage Contract?

Marriage contracts are completely voluntary agreements that two people make when they get married or are already married. These types of arrangements state how to deal with things if the marriage doesn’t last. 

If you’re part of a couple that’s already married and you want to get a marriage contract, you can do so. These are “postnups”, and they’re a little more complex than prenups. Prenups are contracts made before a couple marries, and those looking to tie the knot may ask assistance from a prenup lawyer when preparing this type of marital agreement. Postnups are more complicated because there’s less leverage and more shared assets, but they’re still feasible as long as the couple can sort out the terms of the agreement.

Legally, you can get a marriage contract for both same-sex and opposite-sex pairings. In addition, if you’re unmarried but in a long-term relationship, you can get a cohabitation agreement that’s similar to a marriage contract.

Why Should I Get One?

Although marriage contracts might seem like the couple doesn’t trust each other, that’s not the case. Prenups are a practical solution to finances in a marriage, and they can keep the marriage on track.

The stigma of getting prenuptial agreements seems to be lessening as time goes on. When people see the hardships of their parents’ divorces, they might be more inclined to protect their interests before getting married.

Even if you aren’t wealthy, you can still benefit from a prenup. For example, prenups are a good idea if a couple wants an outline of what will happen to their assets if they get a divorce.

Prior Marriages

If you or your partner was in a previous relationship with children, you could use a prenup to specify what you want to happen to those children. For example, although you can’t specify custody in a marriage contract, you can specify religious or moral upbringing requirements.

Financial Rights

Even if you don’t have children or aren’t particularly wealthy, you can still use a prenup. Instead of giving details about children or protecting wealth, you can use it to set up your financial responsibilities and rights for the marriage.

Avoid Divorce Arguments

A marriage contract acts a little like a failsafe. If something were to go wrong and you needed a divorce, a marriage contract can protect you and your property. In addition, you can use them to determine how your shared property and wealth gets divided in the event of a divorce.

Debt Protection

Marriage contracts can protect you from your spouse’s debt and them from yours. That way, in the event of a divorce, you’re safe from needing to pay off your spouse’s debt.

Keep in Mind

Getting a marriage contract is usually a good idea as it’s always best to plan for the worst. You should keep in mind some legal things as you navigate the world of prenups and postnups.

You and your partner need to disclose all assets completely. That includes all of your debt, too. If you don’t, a judge might deem the whole contract void, leaving you and your spouse with little or no protection.

There are many places where a marriage could go wrong, and contracts can help. They’re supposed to help each party protect themselves.