When you think about the type of people who enter into a prenuptial agreement, who comes to mind? It’s probably celebrities or the extremely wealthy who have a fortune to their name. What might surprise you is that anyone can arrange a prenup before they get married. In fact, it may make a lot of sense for most people.
You may have accrued significant assets that you’ve outside of marriage or are looking for a sensible way to protect yourself in the event of a divorce. Below are some common reasons why you might think about a prenup.
You have a lot of assets in your name
It’s true, prenuptial agreements are a good idea if either (or both) halves of a couple have assets you wish to protect. There is a misconception that asking for a prenup means you’re anticipating divorce or you don’t trust your partner. A prenuptial agreement can help to make sure anything you have of value such as an inheritance, car, artwork, and jewelry is kept in the family in the event of a divorce.
The person you’re marrying has a lot of debt
Perhaps interestingly, a prenuptial agreement is also relevant where your spouse-to-be has a lot of debt, or you anticipate this to be the case. This may be a result of a business venture, property purchase, or education costs.
There are children from prior relationships involved
In the event of a divorce where you each have children from a previous relationship, a prenup can help make sure that family heirlooms stay with the right people and that everybody’s future is protected. An agreement can be written to include a clause that states which assets should be protected and/or allocated for children in the event of a divorce.
Prenuptial agreements can be valuable to any couple looking to get married. As entering into one has legal consequences for both parties in the event of a divorce, it’s vital to seek some legal help to guide you through the process.
