Posted on: 25 September 2017Share
A prenuptial agreement is a legal document that you sign prior to getting married. It outlines what can happen to each of your assets in the event of a divorce. Wondering if you need a prenup? If you fall into any of the following categories, you should certainly consider it.
1. You Are Coming Into the Marriage With Lots of Assets
The classic case where most people decide to get prenuptial agreement is when one person has significantly more assets than the other person. In these cases, a prenuptial agreement helps to protect the person with more assets. It ensures that if a divorce occurs, the other spouse cannot take the majority of the more affluent person's assets.
2. You Want to Prove to Your Partner That You Are Marrying for Love
If you don't have a lot of assets and you are marrying someone who is wealthy, that individual may have some unresolved fears that you are just marrying him or her for his or her money. If you are looking for a meaningful way to say "I'm marrying you for love and not money", a prenup may be the answer.
If you are willing to sign a document that says you will not take your spouse's assets in the event of a divorce, that can really make a statement to your future spouse.
3. You Want to Ensure Your Future Selves Are Treated Fairly in a Divorce
When you are getting married, you are typically filled with love for the other person, and you may feel like a divorce could never happen. Statistically, however, divorces are relatively common, and you may face one. A prenup can help ensure the situation is fair for your future selves.
You don't necessarily have to use a prenup to protect your assets. You can also use it to outline which assets each person gets in the event of a divorce. Sitting down and doing some of that work now can help you to avoid a messy divorce down the road.
4. You Want to Protect Children From Other Relationships
If you have children from other relationships, you may want to ensure that they will be taken care of in the event of a divorce. These children may not be included in child support orders, and if you get a divorce, that may reduce their standard of living. A prenup can ensure that these children are taken care of during a divorce.
To learn more about prenups, contact a family law specialist. They can help you identify the benefits of a prenup and decide if you need one.