Prenuptial agreements or prenups have always been thought of as a standard procedure for rich people because they always aim to protect their property, if ever the marriage doesn’t work. In truth, prenups are also meant to protect working people. About 62% of lawyers have noticed an increase in the number of clients who have been asking for prenuptial agreements in past few years.
Now that you are about to enter a lifelong commitment, do you think you need a prenup?
The Definition
A prenuptial agreement, also known as a premarital agreement, is a formal contract made specifically between two people who are about to marry. The unique agreement summarizes a number of different items for both individuals. Usually, the properties owned by the wife and the husband before they get married are indicated in the document, along with the specific things each will get if ever the marriage dissolves.
Even if many couples don’t really think of divorce before they even enter marriage, it is estimated that half of the marriages in the United States do dissolve. It is considered a prudent step to consider a prenup to be protected, just in case. This type of formal agreement is often created to secure the assets of wealthy individuals before marriage. It can also protect long established family businesses.
What Prenups Protect
Premarital agreements protect the things agreed upon by both parties during the contract’s creation. It is vital to understand that the prenup can only secure specific rights such as the following:
• Distribution of property
• Segregation of individual and marital properties
• Plans for the children
• Debt
• Protection of property owned by the birth property
Take note that this document cannot protect monetary incentives for the divorce, child custody, personal preferences or properties acquired illegally.
Is a Prenup the Right Choice?
Assets are crucial in considering a prenup. If you are aware of the significant assets you have before you get married, a premarital agreement can surely protect each one of them. Even average, working people consider prenups to benefit the individual and the individual’s family. Choose to have a prenup if you or your better half:
• Have acquired debts. When your marriage dissolves, a prenup can protect you from the debt your spouse has.
• Have kids from previous marriages. A prenup can help you provide for your children from your relationships in the past. In case of your untimely death, the signed prenup can secure your property from your spouse, so that it could be given to your older children.
• Want protection from any more arguments. Heated conflicts are always expected in any divorce. The document can secure your emotional stability by helping avoid discussions about finances and property.
A Prenup Can Help You Keep Your Property Safe
A divorce that’s asset-driven can cause stress and confusion. Prenups can secure your hard-earned property in case a divorce happens.
Learning about premarital agreements can enlighten you about its advantages. If you want to create one with your intended, contact one of our experienced lawyers and we’ll make sure you get it right before you say the proverbial yes.