Did you know approximately half of American adults at least somewhat approve of prenuptial agreements? That said, only 20% of couples -- one in five -- have one of these pacts in place.
Whether entering a marriage with far more resources than your partner or desiring to safeguard what's yours should a divorce occur, you should consider a prenuptial pact before tying the knot.
If you insist that your partner sign a prenup before getting married and they refuse, that's a red flag. No one should be forced to sign one. But no one should be forced to marry someone who won't sign one. If a marriage breaks down, the party with the most to lose is the one who entered the union with more money and assets. So, the one with the most to lose should consider a prenup agreement before walking down the aisle.
Continue reading to see four reasons to consider getting a prenup agreement before marriage.
1. Keep Opportunists at Bay
One reason to have a prenup agreement before tying the knot is to keep opportunists at bay. If you're a high-net-worth person who wants to marry someone worth considerably less, you should consider protecting yourself and your assets. By insisting on a prenup, you can scare off people who are more motivated by money and status than by love.
Someone seeking to secure the bag, so to speak, may scoff at a prenup. But if you stand your ground, you can avoid gold diggers and find someone who isn't fixated on your wealth. A prenup isn't a sign of distrust. It's like an insurance policy just in case something goes wrong.
2. Look Out for Your Offspring
Another reason to get a prenup in place is to protect your children. You might want to provide for your kids so they're protected should you die suddenly. And, if so, you may not want to leave it up to someone else to step up to the plate. That's where a prenup comes in handy. A prenup can help you not only leave something for your kids, but also leave specific assets or resources.
3. Decide Who Gets What if the Relationship Ends
A prenup also takes the uncertainty out of the equation. While the goal will be for you and your spouse to remain in love and married for as long as you both shall live, that doesn't always happen. With a prenup, both parties will know who gets what if the relationship derails. Unless someone decides to contest the prenup, the separation and divorce can be easier with a prenup.
And even if one party decides to challenge the prenup, those efforts are unlikely to succeed if a reputable family law attorney drafted the prenup agreement. That's why you should find the right family law lawyer to help you put together a prenup that will be legally binding.
4. Protect Your Business
Yet another reason to have a prenup in place before getting married is to protect business assets. If you own a business before getting hitched, the last thing you want is to see your partner go after your business rights and assets should the relationship end. But you can prevent this from happening with a prenup agreement. You can ensure the business remains yours if the relationship goes off the rails and ends in divorce.
If planning to get married, consider whether a prenuptial agreement makes sense. It's not just for wealthy folks. Rather, it's for anyone with assets they want to protect. Talk to a family law attorney to see if it makes sense in your situation and to get help in creating one.
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