When two people fall in love and decide to get married, the focus tends to shift to planning a wedding and honeymoon. However, in addition to exploring wedding venues and romantic destinations, individuals who plan to marry would also be wise to explore their options when it comes to protecting their assets and against liabilities.
While everyone who marries expects that their marriage will last, the reality is that between 40 and 50 percent of U.S. marriages end in divorce. Given these statistics, it just makes sense to protect your best interests by drafting and signing a prenuptial agreement.
The following are five reasons why it’s important to have a prenuptial agreement:
1.) Protect against liability for a spouse’s debts
2.) Retain assets and property brought to a marriage
3.) Provide for children from previous relationships
4.) Protect business assets and interests
5.) Protect inherited assets and heirlooms
Unfortunately, many people have negative views about prenuptial agreements and it can therefore be a difficult subject to bring up and discuss with a fiancé. When planning to do so, it’s important to approach the topic from a place of respect and love. It may also put a fiancé’s mind at ease to know that any agreements related to child custody and alimony cannot be included in a prenup.
If you own a home, have a child from a previous relationship or are marrying someone who has student loan debt; you can benefit from a prenuptial agreement. An attorney who handles family law and divorce matters can answer your questions and assist in ensuring that a prenup is valid and will stand up in court.