Asking your spouse for a prenuptial agreement may not be the most exciting part of planning a wedding, but it’s an important process that offers protection for both spouses. Here are five particularly important reasons to consider a prenuptial agreement:
- You and/or your spouse have been married before. Especially if you and your spouse have children from a prior marriage, the financial picture can get very murky. A carefully crafted prenup can prevent future legal battles and ensure that children from prior and current relationships are all treated fairly. A good prenup can also go a long way toward establishing a good relationship between children of a former marriage and a new spouse.
- You own a business. You probably want to keep your business interests separate from your personal life. If you have partners, your partners certainly wouldn’t appreciate having an extra partner in the business. Not to mention that you probably wouldn’t appreciate having an angry ex-spouse as a partner. Even if you and your future spouse plan on going into business together, you need to have a plan in place that safeguards the business from the ups and downs in your relationship. A good prenup can ensure that your business is always protected.
- You need to protect family heirlooms. A divorce is often tragic, but it’s even worse if it causes you to lose the farm that’s been in your family for generations. Sometimes inherited property is protected in a divorce, but why take chances?
- A pre-nup ensures that you have a good understanding of financial expectations in advance. Couples often avoid financial discussions, but a prenuptial agreement is an excellent opportunity to make sure both parties are on the same page. Finances are one of the most serious sources of stress in a marriage, and beginning a marriage with a firm understanding of how finances will be handled will go a long way toward alleviating that stress.
- A pre-nup gives you control. Without a prenup, the courts and state laws can determine the financial outcome of a divorce. A prenup gives you an opportunity to set your own rules based on what you think is fair.
A prenuptial agreement is often a great way to start a marriage off on the best possible foot, while also providing both spouses with protection should things go wrong. If you’d like to learn more about this process, please get in touch with us today!