If you are getting married or considering popping the question, you may be thinking about how you can protect your assets if the relationship should end.
Some people think that premarital agreements (also known as prenups) are only for wealthy people, but that’s not actually true. Anyone who has assets worth protecting may want to consider a prenup.
Here’s what you should know about prenups:
The Purpose of a Premarital Agreement
Essentially, prenups are legal documents designed to protect your assets in the event your marriage doesn’t last forever. However, prenups can do more than just decide who gets what if there’s a need for divorce.
Prenups can do all of the following:
- Protect the inheritance rights of your children and grandchildren from a previous relationship.
- If you are a business owner or you have your own professional practice, a prenup can help protect your business or practice from being divided and subjected to the involvement of your spouse if you split up.
- If your spouse has much more debt than you, a prenup can protect you from taking on your partner’s financial obligations.
- If you forfeit a lucrative career for the marriage, a prenup can help make sure you’ll be provided for that sacrifice if you get a divorce.
- In the event of divorce, a prenup can limit the financial and emotional costs of a divorce.
- Protect your financial interests if you are older, are marrying for a second or subsequent time, or have substantial financial assets.
- Address more than just the monetary elements of marriage, such as decision-making and responsibility sharing factors, so long as both parties agree on the terms.
We’re Here to Help
If you are getting married and are considering a premarital agreement, we can help. Similarly, if you are already married and would like to draft a post-marital agreement, we can help with that, too. Don’t hesitate to contact our office right away with any questions you may have.