The idea of discussing the end of a marriage when you are planning a wedding can sound absurd. However, the importance of this conversation cannot be overlooked. Many marriages do not last.
A prenuptial agreement can help you define the terms of a divorce and separate marital property from personal property should things fail to work. Without one in place, the court would have a difficult time separating personal property from marital property. But when exactly should you sign a prenup?
Here are two circumstances that may make a prenup essential before tying the knot:
1. When you are coming into the marriage with substantial assets
It’s not uncommon for either spouse to come into the marriage significantly wealthier than the other party. In this case, it makes sense that you protect your investment.
Likewise, if your soon-to-be spouse is coming into the marriage with significant debt, then you need to sign a prenup. This way, your spouse’s personal debt will not be your responsibility in the event of a divorce.
2. When either spouse has children from a previous relationship or marriage
If you have children from a previous marriage, it’s important that you protect their financial interests. To help with this, you should consider signing a prenuptial agreement. This way should the marriage fail, your personal assets (which are, by extension, your children’s inheritance) will not be divided.
Protecting your interests
From planning the wedding to booking the honeymoon, getting engaged comes with a long “to-do” list. However, one thing you do not want to overlook is your financial interests. Find out how proper legal advice can help you draft a prenuptial agreement that will cushion your assets from unfair division in the event of a divorce.
