Marriage is usually the most significant activity of a person’s life, and it can determine the quality of their life until the day they die. When people marry, they often neglect the possibility that they can part ways in the future. Unfortunately, divorce is common, and many couples who seek divorce do not foresee it happening. Engaged couples should consider entering a prenuptial agreement that will protect their assets if they ever decide to go their separate ways.
Not every couple needs a prenuptial agreement because they may decide to resolve their differences amicably and proceed with their divorce and asset-splitting process fairly and equitably. However, those who do should consider consulting preeminent prenuptial agreement attorneys to assess their situation and give them sound legal advice. To know if getting a prenup is the right option for you, consider the following factors:
Value of assets
If you have assets that are of significant value prior to meeting your partner, be it businesses, properties, or inheritance, you should strongly consider getting a prenup. This is because a divorce may require you to split those expensive assets with your spouse even though you do not believe they deserve to get it. Most partners will refuse to forgo the possibility of getting a piece of their spouses’ assets even if they know they do not deserve it, so you should protect yourself.
Potential business ownership
If you plan to start a business during your marriage without much effort from your partner and you believe that it will yield significant returns, you should consider getting a prenup. Without it, your partner can fight for half of the business in divorce court while claiming they contributed more to its growth than they actually did. While in divorce court, it is difficult to count on your partner being empathetic towards your efforts to build your business largely alone because they may have animosity towards you.
Protection from debt
Some people come into marriages in debt, or they may be financially irresponsible and get in debt while in the marriage. Before getting married, consider the financial habits of your partner and consider getting a prenup to protect yourself if you believe they are likely to get into significant debt that you will be on the hook for if you get divorced.
Significant income disparity
If you are working a job that pays significantly more than what your partner earns, it may be wise to get a prenuptial agreement to protect your savings and investments from being split during a divorce. Your partner’s divorce lawyers will ask for your bank statements and information about your investment portfolio to know how much they can take from you, and you are legally required to disclose this information. This process may seem unfair, since without your partner, you may have still earned the same amount of money and made the same investments.
Family wealth
If you come from a wealthy family and are due some inheritance upon your parents’ passing, it will be wise to seek a prenuptial agreement before getting married. This step should be taken more seriously if your parents are sick or in a care home when you are planning to get married. This is because your potential spouse may be getting married with the hopes of getting a share of that inheritance if they die soon after the wedding and initiate the divorce within a few years.
Children from a prior relationship
If you have children from a prior relationship and are planning to get married, you should seek a prenuptial agreement to protect their inheritance. Without it, a divorce can be messy, especially if you have children with your most recent spouse. A prenup spares children the uncertainty of divorce and ensures they receive what rightfully belongs to them while their parents work out the fine details of their separation.
Estate planning
It is almost impossible to predict when you will die, so it is wise to get a prenup as part of your estate plan. The prenuptial agreement will dictate how your assets and cash will be distributed among your family if you die an untimely death while married.
Endnote
While divorce is a topic nobody wants to discuss while they are getting married, it is unfortunately a possibility in the future. Many couples getting divorced thought their union would last forever but that was clearly not the case. You should consider getting a prenup, especially if one or more of the factors mentioned above apply to you.
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