If you’re getting married, the idea of a prenup has probably crossed your mind. Deciding whether you want to enter into a prenuptial agreement is a personal decision which may or may not take a toll on your relationship. Prenups are unique because they can be used to protect both spouse’s finances in the event that divorce does occur. There is an ongoing debate in society as to whether or not signing a prenuptial agreement is a good idea, and there seems to be some stigma attached to it. At the end of the day, your decision to sign a prenup depends entirely on your financial status, your spouse’s financial status, and many other contributing factors.
Signing a prenup may be a good idea for you under certain circumstances. Prenups do have benefits depending on your life, your history, and your finances. Some benefits associated with a prenup include:
- Protection of premarital assets
- Reduced conflict in the event of a divorce
- No sharing of debt
- Financial security
- Limited/no amount of spousal support in the event of a divorce
- Allows for open discussion and no financial secrets
Some things you may want to consider if you are considering a prenup are the following:
- Do you have children?
- Do you earn a high income?
- Do you own a business?
- Do you own real estate?
- Do you own over $50,000 in assets?
- Are you the beneficiary of a trust or a future inheritance of a large sum of money or assets?
Prenuptial agreements are meant to protect both parties in the event that a marriage does not work out. It may not be something most couples want to talk about, but it’s important. Whether or not you decide to sign a prenuptial agreement depends on a lot of factors. If you have any pre-marital assets or children who have inheritance rights, it may be a good option for you. Adding to this, if you have your own business or have a high income, you might want to sign a prenuptial agreement to protect your business and your finances if you do go through a divorce.
There are, of course, some negative aspects to signing a prenuptial agreement, some of which include:
- If your spouse dies, your prenuptial agreement may take away your right of inheriting your spouse’s estate
- Can be awkward to discuss with partner
- If you have low income and get divorced, you will have a major lifestyle change and may not be able to take care of yourself
- May create trust issues in marriage
It never hurts to cover your bases. At the end of the day, your decision to sign a prenuptial agreement depends entirely on your lifestyle and many contributing factors like children, premarital assets, finances, a business you worked hard for, and more. It is always good to start a marriage with an understanding of expectations and no financial secrets, which makes a prenup a great idea for anyone who has a lot to lose if they get divorced. The family law attorneys at The Law Firm of Caryn S. Fennell can walk you through your various prenup options and see if it’s the right choice for you. Call us today at 770-479-0248 if you’re engaged to be married and want to weigh out all your options.