Do I Need a Prenup?
When you get married, you are combining lives with another person. This also means you are combining your financial assets, and this is an unromantic subject many don’t want to discuss when they get engaged.
A prenuptial agreement is often misconstrued as a way to protect your financial assets if you are marrying someone with less money than you, which is an approach many decide to take. The legal definition of a premarital agreement is a legal agreement between two people before they get married that covers the division of property rights and assets should they split up.
While people think that prenups cover property and bank accounts, but they also can include plans for death, incapacity, estate planning, spousal support, and student debt.
Many choose to enter into prenuptial agreements so that in the event of divorce, they can keep the assets they had going into it.
Are Prenups Just for Rich People?
No! Many people who enter into these types of agreements have substantial assets to protect, but prenups are a way to prevent being stuck with the other person’s debts. All too often, people leave divorce court with debt for student loans and credit cards they did not accumulate.
The division of property, assets, and debt during divorce is often 50/50. Since marriage combines everything between the two couples, it makes sense that it would be split evenly once they decide to split themselves. Prenups can ensure that the division is fair and reflects each person’s situation before the marriage.
Should I Get a Prenup?
While a prenup can raise eyebrows among those outside the marriage, it can actually be a sign of a healthy union. Finances are one of the key issues that married couples fight about, so having an honest, mediated discussion about each person’s financial situation can set the marriage up for success by eliminating any surprises.
It should be noted that having an asset and property division lawyer draw up a prenup is an additional cost you and your partner will have to take on. A common practice is where the partner with the most assets pays for the prenup since they are the one usually wanting the agreement in the first place.
If you decide you want a prenup, you may be nervous to bring this subject up to your partner. Just like any debate between partners, you should discuss this in a peaceful environment and take into account everything your partner says. Divorces are very messy, and you and your partner may decide that you’ll both benefit from having a lawyer for family issues help you figure out your worst-case scenario division of assets.
Contact Zimmerman Law LLP to have a family attorney mediate your prenuptial agreement.
