Are you getting married soon? Are you considering whether you and your spouse need a prenuptial agreement? While a prenup negotiation may not be the most romantic way to spend time before your wedding, the prenup could be a very important and critical document. A prenuptial agreement can determine from the outset who gets which assets and income in the event of divorce. That can often relieve financial tension during the marriage, and it can simplify the divorce process should you and your spouse separate. Is a prenup right for you? If you fit one of the following situations, you may want to talk to a family law attorney for more information:
One of you has significantly more assets or income than the other. This is one of the most common reasons for getting a prenup. If there is a large disparity between your financial situations, a prenup could be helpful for both parties. If you are the spouse who has more assets, a prenup will protect those assets during divorce. If you are the spouse with fewer assets, the prenup will ensure that you get your fair share of assets and income in divorce without you having to go into debt for a lengthy divorce trial.
Again, it may not be romantic to negotiate your divorce before you get married. However, the prenup will allow you both to enter the marriage without financial concern.
You have kids from a previous relationship. Another common reason to get a prenup is if one or both of you already has children. The prenup will allow you to protect your assets for your child's benefit should you and your spouse get divorced. For example, you may wish to leave certain assets to your children as an inheritance. However, if you and your new spouse divorce without a prenup, he or she could get those assets as part of the settlement or final judgement. With a prenup, you can exclude those assets from any divorce settlement and keep them in your estate.
You own a business. If you own a business, a prenup may be a critical planning document. Without a prenup, a portion of your business could be up for grabs during the divorce. You likely don't want to be business partners with your former spouse. You can use the prenup to specify exactly which assets your spouse would get in the divorce, therefore, allowing you to keep the business out of it.
For more information, talk to a family lawyer. They can help you and your fiance have the prenup discussion and ultimately craft the document.