With an incredibly high divorce rate, it makes sense that you would want to protect yourself when entering a marriage. At the same time, talking about a prenuptial agreement scares some couples, as they think it could lead to problems now or even down the road. However, a prenup marriage agreement is designed to protect premarital and marital assets and debts in the event of a divorce — it offers protection for both parties.
What Is a Prenup?
A prenup, or prenuptial agreement, is a written contract between two engaged individuals where each person’s rights and responsibilities in reference to premarital and marital assets and debts are outlined. In this contract, it is stated what will occur if the marriage ends in divorce, death, etc.
The prenup will outline the finances of each individual while also preventing an expensive divorce should the relationship not work out.
Who Needs a Prenup?
Despite what you may believe, prenups aren’t just for wealthy individuals. Ultimately, anyone can have a prenup. However, there are certain instances when couples may want to enter a prenuptial agreement.
For example, a prenup is often considered by individuals who are entering into a marriage with children from a previous relationship. A prenup can ensure that, upon death, the other spouse is taken care of while also passing assets to their children. Without the prenup, the spouse could get a larger portion of the assets.
A prenup can also protect spouses from one another’s debts, which is helpful if one spouse has a significant amount of debt entering the marriage. Plus, in the event of a divorce, this type of agreement can help avoid excessive arguments regarding property division, alimony, etc., as that will already be specified in the prenup what will occur.
A few more reasons for a prenup include having an inheritance to protect, owning a business, being wealthy, wanting privacy, and needing financial security.
Connect With a Family Law Attorney About Prenuptial Agreements
While a prenup marriage agreement can be set up by couples, it is often recommended to reach out to a professional family law attorney like the Law Offices of Granoff & Kessler to ensure the paperwork is in proper order. In addition, to fully protect the interests of all parties involved and prevent a conflict of interest, you both may want to retain your own individual family law attorney.
Categorized in: Family Law