There are many things you should know about when considering whether or not a prenuptial agreement is right for you. Some of the more common considerations are discussed in the article below but the information here is general and will not apply to everyone’s situation. If you need legal advice about your own situation, it is recommended that you discuss it with a lawyer who is licensed to practice in the state that you reside.
Aren’t prenuptial agreements just for rich people?
While prenuptial agreements may seem like they are more common amongst people who are wealthy because they deal with assets that have been acquired prior to an impending marriage, there are many situations where “regular” people will benefit from prenuptials too. People who have personal assets, liabilities, property, or children from a previous marriage, may benefit even though their income is in only in the low to upper middle class ranges.
What exactly does a prenuptial agreement do?
A prenuptial agreement is a document that clarifies the financial rights and responsibilities of individuals who have agreed to join their union in marriage. It also delineates how a person’s property and assets will be distributed in the case of divorce or death, including how property is to be passed on to children from a previous marriage. In addition to protecting an individual’s assets and property, it can also protect an individual from being responsible for debts their spouse incurred prior to their marriage. Prenuptial agreements can also indicate whether a spouse will receive alimony in the event of a divorce.
Can a prenuptial agreement be romantic?
Believe it or not, many people find that once they have been able to openly discuss and decide on the provisions of their prenuptial agreement, it brings them closer to their soon to be spouse. While talking about money and debts, and how these and other things should be distributed in the event of a divorce (or death) often start off as uncomfortable conversations, many people find that when they are open and honest about these things, it creates avenues to be more honest and open in other areas of their relationship.
As unromantic as discussing a prenuptial agreement with your soon to be spouse may seem, doing this well in advance of the wedding may prevent problems from developing after you have already exchanged your vows. A prenuptial agreement is best made when people have plenty of time to plan and make sure that they understand what they are agreeing to, and how this may affect them in the future.
Are all prenuptial agreements the same?
Not all prenuptial agreements are the same. Prenuptial agreement laws differ from state to state. As well, everybody’s prenuptial agreement is specific to their unique situation. A good place to start finding out about prenuptial agreements and whether one is right for you, is to discuss your situation with a legal professional who is qualified to give legal advice.
For more information on legal questions and answers like these and more, visit the Law Education Center.
