You’re engaged—what comes next? While you pick a venue and decide what meal you’d like to serve at your wedding, don’t forget to think about a prenuptial agreement. People often think that a prenup is planning for divorce or only necessary if you have a massive amount of money. However, prenuptial agreements are useful in a wide range of situations, and they certainly aren’t a sign that you are planning for your marriage to fail.
Consider it as marriage insurance. Buying car insurance doesn’t mean that you are planning on driving badly and crashing, it just means that you want to be prepared for whatever happens. Learn more about prenuptial agreements and how they can protect you as you prepare for marriage. Call Nowell Law Firm at 864-707-1785 to schedule a meeting now.
Planning for a Lucrative Career
If you are planning on pursuing a lucrative career in the future, it may be worth your time to get a prenuptial agreement. Assets built and income earned during the course of the marriage is typically split as marital property, and you could end up losing a sizable portion of what you’ve worked hard to build.
Are you or your partner planning on working as a homemaker or stay-at-home parent during your marriage? If so, it’s important to protect your best interests with a prenuptial agreement. As a homemaker, you make contributions to your marriage, even if they are not financial in nature. If you want to be properly compensated for those sacrifices in the event of a divorce, spell that out in a prenuptial agreement.
If either party owns a business, a prenuptial agreement can prevent that business from falling into the wrong hands. You might think now that your loving partner would never try to sabotage your business, no matter what happened, but situations change. A messy divorce can change anyone, particularly if they stand to gain a lot or hurt the person who they consider responsible for their pain. It is particularly important to get a prenuptial agreement if you own interest in a family business.
Inheritances and Family Assets
As discussed earlier, family assets can complicate a divorce. While inheritances are typically treated as individual assets that are not subject to division, that is not always the case. If you use money from the inheritance to pay family bills or otherwise benefit the family as a whole, the court may decide to split the inheritance as marital property. If you want to prevent that from happening, clearly outline what will happen to any inheritances or family assets in your prenuptial agreement.
Individual Assets or Debt on Either Side
Individual assets are not subject to division during divorce, but again, that changes if those assets are used for the benefit of the family. You stand to lose a lot if the court looks at a valuable family asset and deems it marital property. Similarly, you’ll want to protect yourself if your partner has a substantial amount of debt. The court generally looks at debt accrued prior to the marriage as individual debt, but they may order you to pay some of it if you take over payments during the course of the marriage or otherwise treat it as a marital debt.
Children From a Previous Relationship
If you have children from a previous relationship or marriage, you likely want your assets to benefit them after you pass. However, if those assets get tangled up in a messy divorce, you could end up without enough to support those children or leave behind an inheritance. Additionally, those assets could end up solely in your partner’s hands if you pass away during the marriage.
Even if your partner loves your children as their own, it is wise to take legal steps to protect them. A prenuptial agreement may outline accounts maintained solely for the benefit of your children or specify how you want assets to be handled if you pass away.
Explore Your Options with Nowell Law Firm
Prenuptial agreements are flexible, so you can draft one that meets your specific needs. However, you should meet with an attorney to ensure that your prenuptial agreement is legal and enforceable. Take the first step now by or calling us at 864-707-1785.