With divorce rates at almost 50%, a prenuptial agreement might not only be an option for the rich and famous. Because marriages do not always work out, it is important to protect your finances in case of a divorce.
Whether you’re bringing considerable assets to the union or your future spouse has a large amount of debt, a prenuptial agreement can help protect you and your spouse should you split up.
Is a prenuptial agreement right for me?
Pros of a prenuptial agreement include:
- Your prenup can protect the rights of children being brought into the marriage.
- When dividing property and assets, a prenuptial agreement can protect your interests in a closely held or family-owned business.
- If one party brings considerable debt to the relationship, a prenup can ensure that debt stays with the original party if the marriage doesn’t last.
- Drafting a prenup allows both parties to step back for a moment and reflect on the financial implications of their marriage. For some, this is important to prevent making rash or uninformed decisions that could hurt them later on.
- Your prenup can outline any alimony or spousal support arrangements.
- Although it might be unpleasant to consider, a prenup can provide peace of mind should the marriage not work out. Both parties will have a clear understanding of how assets will be dispersed and won’t have to worry about being “stuck” in a marriage that is simply not working.
Though having a prenuptial agreement might seem unromantic, it’s often in the best interests of both parties.
An attorney can help you determine if a prenup is right for you
Signing a prenuptial agreement is a big decision and should be discussed candidly with your partner and an experienced lawyer. If you have questions or concerns regarding protecting your wealth and assets with a prenuptial agreement, reach out to the family law attorneys at The Offices of Keane Law, LL