Do I Need a Prenuptial Agreement?

While most people go into a marriage hoping it will last forever, divorce happens. Although the divorce rate has been dropping, it was still at about 15% in 2019. Knowing that, talking to your potential spouse about a prenup may be an excellent idea. You can ensure you’re both on the same page and covered if something goes wrong in the future.

What a Prenup Is

A prenup or prenuptial agreement is a legal contract that both people in a relationship sign before marriage. The agreement lays out what happens with income and assets if the two people choose to divorce or if one of them dies. Many believe prenups are only for the overly wealthy, but that isn’t true. Prenups are useful for anyone who wants to be protected if a marriage doesn’t last.

Who Needs a Prenuptial Agreement

Anyone can choose to have a prenuptial agreement created. However, it’s especially important in a few situations. For instance, if someone has a business, a prenup can protect the company and ownership of it in a divorce. Those with children from past partners will also be good candidates for a prenup. It can protect the things you want to keep for your kids if a divorce happens.

Those who have assets they want to be sure they keep should also get a prenup. It will lay out what you agree to keep and give up if a divorce happens. In essence, anyone who wants to control the future should consider a prenup. Even those with limited income and assets may wish to lay out how things work if a divorce occurs.

How Prenups Work

The proceedings and requirements for prenups are different for each state. As an example, some states may not have obligations for spousal support. A few of the things that can be included in a prenup include:

• Alimony
• Business ownership
• Debt liability and other financial obligations
• Estate plans
• Income and assets for kids from a past marriage
• Managing and separating property
• Pets

Keep in mind that these are only examples. When you work with an attorney, you can choose which items to include in the prenup and which do not matter as much to you.

If you have realized that a prenuptial agreement is a good idea, speak with Rajvi at Gandhi Selim Law, to have one drawn up. A simple agreement is typically inexpensive. Complicated agreements may cost more but will ensure you are protected if the marriage doesn’t lead to happily ever after as expected.