Wealthy or not, couples face many financial ups and downs. Even if they have lived comfortably and never had concerns about their assets and property, it is important to consider these items when getting married. Prenuptial agreements were traditionally for those with many assets that needed protecting. However, today the situation is much more different. Any couple can benefit from a prenup, making it a vital and valuable document to include in a marriage.
Why should all couples consider a prenup before getting married? There are many factors in life that can make a prenuptial agreement vital. If an individual owns a business, owns real estate, has received or is intended to receive an inheritance or a gift, earns more than their partner, has a higher net worth, has children from a previous relationship, has elderly parents that are financially supported by you, has accumulated or your partner has accumulated a large amount of pre-marital debt or seeks to leave assets to individuals other than your spouse, a prenup is right for the relationship.
Sure it is not romantic to bring up a prenup; however, in society today, the benefits are well understood. One should understand that this financial agreement is used to protect one another in the event of divorce or when the marriage ends because of death. This document can detail some sensitive issues on who gets what at this time.
Naturally, it can be challenging to begin the drafting process. When an individual arms themselves with all pertinent information, he or she will be better of during the drafting, signing and possibly the enforcement of the document. Seeking guidance from a legal professional could help a couple better navigate this process individually and together.
Source: Huffington Post, “Why Every Couple Should Have A Prenuptial Agreement,” Vikki Ziegler, Jan. 17, 2018