A prenuptial agreement is a contract that two soon-to-be spouses sign before getting married. The contract generally contains information about how the couple’s shared property and debts will be divided in the event of a divorce. Though pop culture has made the prenup out to be something only for the very wealthy, prenuptial agreements can benefit people from all walks of life and with all financial backgrounds.
Weighing the Benefits of a Prenuptial Agreement
Though a prenup is rarely a bad idea – better safe than sorry, right? – they are not always necessary. Getting a prenup means you’ll want to hire a lawyer who can review the contract and ensure that it reflects your rights and interests. The attorney’s fees might not be worth it to some couples.
That said, a prenup is a great way to prepare for the unknown and enter your marriage with a little less stress.
You may want to consider requesting a prenuptial agreement if:
- You have a strong credit score that you want to protect. Divorce can wreak havoc on your finances and your credit score. By creating a prenup, you can protect yourself from your spouse’s debt and reduce or eradicate alimony obligations. This will save you money and protect your credit score if you file for divorce.
- You are concerned about the expense and stress of a potential divorce. Certainly no one gets married with the intention of later separating, but the reality is that a large portion of marriages end in divorce. If you and your spouse are both stubborn people, negotiating a property division agreement could get heated if you end up separating. A prenup can help combat that potential dispute.
- You have substantial wealth or valuable assets. High earners and individuals with large estates tend to benefit most from prenups because they can safeguard property that is rightfully their own.
- You or your partner owns a business. Dividing business assets in divorce can be extremely challenging. Even a spouse who does not own the business may be entitled to a portion of their spouse’s business. In a prenup, you can outline the terms of how your business will be divided upon divorce.
- Your partner is in debt. Whether your soon-to-be spouse has substantial student loan debt, medical debt, or credit card debt, you could be liable for some of it if you get a divorce. A prenup can protect you from your spouse’s debts.
At The Law Offices of Mark R. Hinshaw, PLC, we offer personalized representation for soon-to-be newlyweds who wish to protect their rights and assets through a prenuptial agreement. We can help you draft a solid contract and ensure that it is legally enforceable.
Contact us at (515) 200-7571 to request a free consultation with our divorce lawyers.