Do You Need a Prenuptial Agreement?
Before tying the knot with the person you love, you may have had other people ask you if you are making a prenuptial agreement. Also known as a prenup, many people think this is just for the wealthy or the famous. However, prenup agreements can be incredibly helpful if you are coming to the marriage owning property, stock options, or if you or your partner have debts. A prenup does not mean you will get a divorce but it means that whatever your circumstances, you and your partner can protect each other. You may be asking yourself: do I need one?
You might if you are:
- Coming into the marriage with debts. There are many reasons a person may be coming into a marriage with debts, including credit cards, medical bills, or student loans. You may want to protect your spouse from the debt you bring into your marriage by writing this into your prenup agreement. This can ease tension and relieve stress.
- Coming into the marriage after you have already been married. Getting married a second time may be true love, but without a prenup, it can complicate things. If you have children from your first marriage, you may want to make sure that if you pass away certain property will go to your children. A prenup agreement can protect both your children and your current spouse and make sure everything goes to the right person. Without a prenup, your current spouse may get more than your children.
- Avoiding the arguments that could pop up with a divorce. No one wants to plan for a divorce. A prenuptial agreement does not even mean you are planning for one to happen. However, it can prepare you for all scenarios. If you and your spouse ever got a divorce, a prenuptial agreement can make sure you remain on the same page and can be a legally binding document presented to the court if you are arguing over something.
- Determining what will happen to marital property. Typically, when two people get married, they have shared property that each person has access to sell or that would be divided in the event of a divorce. If you or your spouse do not like the idea of marital/community property, consider creating a prenup agreement.