It is a common mistake to think that a prenuptial agreement automatically means that two individuals looking to get married don’t expect to stay married. In actuality, a prenuptial agreement is an intelligent choice for any couple, and it certainly does not mean that the marriage won’t work out.
What Is a Prenuptial Agreement?
When it comes to finances in a marriage, a prenuptial agreement takes care of everything that could possibly happen if divorce occurs. Divorce law does exist for all married couples when it comes to dividing assets upon a divorce. But often, one party loses a significant amount of their money or assets with classic divorce law. That’s why there are prenuptial agreements. This is paperwork that outlines exactly how assets will be divided if a divorce occurs. Hopefully, it will never be needed, but if it is, it is there for both parties. Unlike regular divorce law, prenups cater to you and your spouse’s particular financial needs and wants.
Specific Occasions When Getting a Prenup Is Particularly Recommended
Most professionals what advise that every couple who is planning to get married start by filling out a prenuptial agreement. But of course, there are particular occasions in which getting at prenup is definitely recommended.
1. One partner is much wealthier than the other or earns more
When it comes to assets, if one partner has or makes more than their prospective spouse, it is smart to get a prenup to ensure that the marriage is not taking place for money alone. A prenup keeps these assets safe.
2. One partner has a lot of debt
If your prospective partner has a lot of debt, that debt could be transferred directly to you if you divorce without a prenup. Make sure that finances are discussed at length before a marriage occurs so that debt is not automatically transferred in the event of the marriage’s end.
3. This is your second or third marriage
After a first marriage, things tend to change. Your priorities will likely be different, and you may have more financial concerns. Children are often in the mix, and it’s important that everyone gets looked after in the event of a divorce or death. A prenup will make sure that even if you pass away, not all of your assets will go directly to one source. You can dictate where you want your money to go.
If you have any questions regarding prenuptial agreements, please contact us today at 480-345-2652.