3 Reasons You Should Insist On A Prenuptial Agreement Before You Wed
Some people have negative views of prenuptial agreements; however, they are not always a bad thing. In fact, there are times when you could almost consider them necessities before a marriage takes place. Prenuptial agreements are designed to protect the spouses involved. You may want to insist on a having a prenuptial agreement if you own your own business, if you are getting married for the second time, or if you are marrying someone who has a lot of debt.
When One Spouse Has A Lot Of Debt
While most people know that getting a prenuptial is important when one spouse is extremely wealthy, a lot of people do not think about the opposite type of situation. If you are getting married to someone that has a great deal of debt, you will inherit that debt when you marry him or her, unless you create a prenuptial agreement.
When two people marry, they become joint owners of both assets and debts. If you do not want to be liable for the debt of your future spouse, you will need to consider making a prenuptial agreement. This agreement will hold your spouse liable for all debt he or she brings into the marriage; however, any debt that is acquired after the marriage will probably be considered joint debt.
If this is the reason you are getting a prenuptial, it is important to make sure every debt is listed on the agreement. You should include the name of the creditor as well as the amount owed at the time, and you may also want to have account numbers listed on the agreement.
When It Is A Second Marriage
Second marriages are often made up of two spouses that each have their own children. If you and your future spouse do not have children, creating a prenuptial may not be a necessary step. If either of you do have kids, you may want to discuss a prenuptial agreement simply to protect the kids involved.
If each spouse has wealth, assets, or family heirlooms, the only true way to protect these things and ensure they are transferred to the correct children is through a prenuptial agreement. While you could create a joint will after you marry, which could have a similar result, taking the necessary step prior to your marriage might be a safer option.
By doing this, you can include the assets each of you own in the prenuptial with instructions as to who gets them when one spouse dies. If you die and have expensive antiques you want your daughter to receive, your daughter will get them after you die. She will not have to wait for your spouse to also pass away. It would be an immediate transfer after your death and your will is read and settled.
If you choose to get a prenuptial for this reason, make sure you clearly list each asset and who it should be transferred to when you pass away. You should also include time restrictions, which can be used to determine how long your spouse will have to surrender these items to the beneficiaries.
When You Own A Business
A third good reason to consider getting a prenuptial agreement is if you are a business owner. Building a profitable business can take time and a lot of work, and you will not want to lose any of your assets or ownership in the business if your marriage fails.
By choosing to get a prenuptial, you will not have to worry about your spouse obtaining any part of your business if your marriage does not last or if you pass away.
Prenuptial agreements may not be the most romantic things in the world, but they are useful and important in certain situations. If one or more of these situations pertain to you, it might be wise to contact a lawyer, such as those at the Marberry Law Firm, P.C., to learn more about prenuptial agreements.
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