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Is a Prenuptial Agreement Right for Me?

While some people think prenuptial agreements are only for couples with a high net worth, this is not the case. There are many reasons as to why you would want to establish a prenuptial agreement before marriage, including establishing financial obligations in the event one spouse dies. Today, we review the reasons why you might create a prenuptial agreement before getting married and how doing so can benefit both spouses.

Reasons Why You Would Create a Prenuptial Agreement

There are many circumstances where a prenuptial agreement can benefit a couple. This agreement may even resolve issues that could arise in the marriage if not addressed beforehand. Here are some reasons why you would establish a prenuptial agreement:

You have children from a prior marriage

If you have children from another marriage and would like them to inherit your property when you die, you will want to establish this in a prenuptial agreement. This is typically done with separate property so that when you die, your kids can provide for themselves. Without one, your spouse would have the legal right to claim a large portion of your property, leaving less for your children from your other marriage.

You want to separate your separate property from marital property

When a couple divorces, one of the first steps is to identify separate and marital property. If you can show that you owned property before you got married, it will remain yours and the court cannot divide it during divorce proceedings. However, if you and your spouse both made financial contributions to separate property which then increased its value, your separate property may then be considered marital property. In the event you would like your separate property to remain yours, it would be beneficial to write this down in a prenup.

You have certain debts or significant financial obligations

There is no doubt that money issues can result in divorce. If you and your spouse want to avoid financial problems in the event of a divorce, it would behoove you to add a provision to your prenup to address debt and other financial obligations.

If you have acquired debt over the years, you might want to determine how this will be paid off in a prenuptial agreement. Perhaps you would like to accomplish this yourself and not leave any responsibility with your spouse. Your agreement should identify separate and marital liabilities and how debt will be divided.

You want to clarify financial rights and marital responsibilities

You might want to clarify financial rights and obligations before getting married. Perhaps one spouse will be responsible for the care and upkeep of property while the other will continue to work on his/her business. This option provides the couple with more structure and organization within their marriage; however, it could also be limiting to some couples.

Keep property and/or assets in the family

If you have separate property or certain valuable family heirlooms and you would like to keep them within your immediate family after your death or in the event of a divorce, a prenup would protect this wish. You can also include a provision that states when your children can inherit such property and assets.

Contact an Experienced Attorney from Our Firm

Prenuptial agreements are not the right choice for every couple. You will need to determine if a prenup will be the best choice for you given your unique circumstances. If you have any questions about why you should obtain a prenup or what one can protect or establish, feel free to get in touch with our firm today.

Contact our firm online or call our office at (704) 343-8811 to learn more about our prenuptial agreement services.