Thursday, October 8, 2015
Why a Pre-Nuptial Agreement is Important
A prenuptial agreement can save you tens of thousands of dollars in legal fees and a difficult, time-consuming, emotionally draining legal battle in the future. It is beneficial for anyone who wants to protect, manage, or enhance their personal, family, or business assets against foreseen and unforeseen circumstances. It is also critical if you have children from another relationship.
A prenuptial agreement allows both spouses to protect their separate property, protect themselves from the other spouse’s debts, and maintain control over their income. It may also be important to decide how much support and property one spouse will receive if there is a divorce or death later.
Often people do not get a prenuptial agreement because they think it means they do not trust their spouse. This agreement benefits both spouses, as it saves both sides expensive legal fees and a difficult court battle in the future. It is much easier to resolve financial issues in a loving relationship then in the emotional and financial turmoil of a separation, divorce, or death. It may be the best investment you ever make!
Without a prenup, the State decides how much of your property goes to your spouse at your death, not you, even if you have a will. Without a prenup, a judge decides how much property and/or support your spouse receives pursuant to state law, instead of you.
When a marriage ends, by death, separation, or divorce, you can control the financial fallout with a prenup. Without one, you relinquish that control to the government or end up in an expensive lawsuit. Divorce law becomes the terms of your prenup instead of what you and your intended decide is fair together, in advance.
If you own a house or business or have children from another relationship, you will benefit from a prenup. If you are wealthier than your partner, earn substantially more, or if your partner has a lot of debt, you need a prenup. If you intend to leave the workplace to raise children during the marriage, you need a prenup. Just like you shouldn’t drive down the road without a seatbelt, don’t walk down the aisle without a prenup. Both are essential protection for your future