Getting married calls for a lot of preparation. Picking a venue, catering company, photographer, and wedding dress are all significant decisions, but not the only ones. People need to look after their best interests in all areas of their life, and marriage is no exception. Prenuptial agreements can offer a lot of protection for a spouse, but do you need one?
Everyone would like to think that they would never need a prenup. The reality is that despite more than 50% of marriages ending in divorce, less than 10% of couples get a prenup. How can you be sure if you need a prenup?
What situations call for a prenup?
A prenup is not just to keep money or other assets. There are several other benefits a prenuptial agreement can offer, such as:
- Avoid divorce disputes – the most popular function of prenups is to avoid conflicts in a divorce. These agreements can determine how the couple will divide an estate in the event of a divorce and predetermine alimony agreements.
- Debt protection – prenuptial agreements can keep one spouse’s debt from becoming the other spouse’s burden.
- Protect children from prior marriages – A prenup can help ensure that a spouse’s children from a previous marriage receive an inheritance. Without an agreement, a spouse may receive the assets of an entire estate while the children from the prior marriage receive nothing.
- Establish financial rights – these agreements can also clarify what financial rights each spouse has. These rights can benefit a business owner looking to protect their business as well as their marriage.
Taking proactive measures for your marriage can save both spouses considerable time, stress, and energy. A prenup offers the potential to solve a problem before it becomes one.
Talk to a lawyer to protect your marriage
There are a lot of ways that someone can benefit from a prenuptial agreement. Prenuptial agreements are like seatbelts, you may not want to have one, but you will be glad you do if you need one. If you are getting married, take a moment to talk to an attorney about how you can benefit from a prenuptial agreement.