Is a premarital agreement — also known as a prenuptial agreement — right for you? This article presents four scenarios that might require one.
One of the best feelings in the world is finding someone who is a perfect match for you. Beyond picking out a ring, setting a date, and mailing the invitations, though, you have one more thing that you need to do before you tie the knot—you need to find out whether a premarital agreement is right for your situation.
I know, I know—we just celebrated Valentine’s Day. Isn’t this all a little unromantic?
While you probably never thought that you would need to sign such a document, if you and your intended spouse ever decide to divorce—or if one of you dies—it could save you some financial heartache, not to mention the regular kind.
Here are four signs that a premarital agreement might be right for you.
1. You Have Children from a Previous Relationship
This type of legal agreement is about more than protecting your assets in the event of a divorce. Inheritance is a touchy subject at the beginning of a marriage, but it is one that you need to discuss with your partner.
If you have children from a previous relationship who you want to protect in case you pass away unexpectedly, a premarital agreement can help.
2. You Own a Business
If you own a business, it’s probably the largest asset that you have. And without protection, your spouse could try to claim part of it if you ever split up.
Splitting a business in two and risking destroying it in the process is far from the only concern here, either. In some scenarios, it is possible that you will be working side-by-side with your ex-spouse. Can you see that working out?
3. You Are Expecting a Large Inheritance
In Florida, any inheritance you receive is considered separate property. However, it is possible for your inheritance to become community property, and therefore, subject to a claim by your ex-spouse.
A prenuptial agreement can help you stipulate what will happen if you receive an inheritance while you are married.
4. You Plan to Be a Stay-at-Home Parent
One of the primary jobs that a premarital agreement performs is deciding how assets will be split in case of divorce. When one spouse has decided to stay at home to raise the kids instead of pursuing a career, it only seems fair that such a decision should be taken into consideration when you draw up terms.
Spouses who are stay-at-home parents not only are dependent on the other spouse for an income—they have also lost earning ability because they have not built their career and work experience.
Need Advice on Your Premarital Agreement?
If you are planning to get married and need help deciding whether you need to put the legal terms of your marriage in writing, don’t hesitate to contact me. I am here to help you navigate this sensitive subject.
About the Author: Helena Y. Farber is a Divorce attorney in Aventura, Florida, whose practice is concentrated in the areas of divorce and family law. She can be reached at (305) 520-9205 or via email at hyf@farberlawpa.com.
Disclaimer: The attorney makes this Blog available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site, you understand that there is no attorney-client relationship between you and the Blog. The Blog should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.