You’ve got the venue and the photographer booked. Your guest list is filling up fast. The rings that you and your soon-to-be spouse ordered are on their way. All you’ve got to do now is…get a prenuptial agreement?
While it might not seem very romantic, a prenup is actually a great idea for more than a few reasons. Here are five reasons why you might want to consider one.
One Spouse Earns a Lot More
How much you make now can determine your financial future. But the same can also be said for how much your spouse makes. If your spouse makes substantially more than you do, you could get used to a certain lifestyle that would be unattainable on your income alone. Determining the amount, duration, and type of alimony now can save you from a mess in the event of a divorce.
One Spouse Owns a Lot More
On the other hand, if you managed to accumulate a lot of assets, whether through investments or inheritance, you might be worried about what would happen to them in a divorce. In most cases, assets that you owned before marriage will remain yours, but what is a rule without exceptions? To ensure that you retain ownership of your assets no matter what, having a prenuptial agreement is essential.
You Have (or Plan to Have) Kids
If you have kids or plan to have them and you are going to stay home to care for them instead of focusing on a career, that’s another good reason to consider a prenup. Why? Because when you exit the workforce and don’t hold a job for several years, it can be exceedingly difficult to return to work. If a divorce happens, you will be able to work out some sort of child support, but after that ends when your kids turn 18, you could be out of luck.
Having a prenuptial agreement in place will ensure that your labor and sacrifice as the child-rearing parent doesn’t go unrepaid.
One or Both Spouses Have Debt
Debt that is accrued before marriage can affect both spouses in the event of a divorce. If your future spouse has debts, you might want to consider a prenup. If you don’t, you could end up being the one responsible for paying those debts down.
Either Spouse Owns a Business before Marriage
If you own a business before getting married, will you still own it after a divorce? Maybe not if you don’t have a prenuptial agreement in place. Best case scenario, you have to work with your spouse after divorce. Or even worse, you might have to give over ownership to your ex-spouse.
Talk to an Expert Divorce Attorney about Your Prenuptial Agreement
If you think a prenup is a good idea, don’t hesitate to contact me. As a divorce attorney who handles prenuptial agreements on a regular basis, I have the expertise you need to ensure that you are covered from all eventualities.
About the Author: Helena Y. Farber is an 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.