As you and your partner plan a wedding, dream about your future and embark on a new life together, a prenuptial agreement may be the last thing on your mind. Why would you want to plan for divorce when you haven’t even wed yet?
Unfortunately, the reality is that more than half of marriages end in divorce. While it’s not pleasant to plan for the dissolution of a marriage, it is essential for people entering a legal union to protect their assets.
A prenuptial agreement is a contract made by a couple before they get married concerning the ownership of their assets if the marriage should end. The agreement can protect both parties in case of a future divorce.
These are several reasons you may obtain a prenuptial agreement, although this is not an exhaustive list:
- Either party owns a business.
- Debt.
- This is not either spouse’s first marriage.
- Either spouse makes significantly more money than the other.
There are many benefits of prenuptial agreements. If you own a business, a premarital agreement can protect your business so it’s not divided or subject to the involvement of your former spouse. Prenuptial agreements can also protect the inheritance rights of children and grandchildren from a previous marriage. Additionally, if one spouse has a lot of debt, the agreement could protect the debt-free spouse from having to take responsibility for the debt of the other party.
A prenuptial agreement is a helpful tool which can protect your finances if you get divorced. If you are considering signing a prenuptial agreement, we encourage you to speak with a professional attorney. Our team believes in the sanctity of marriage, but we also want to safeguard you and your spouse’s futures.