Planning Your Wedding? 4 Reasons Why You Should Add A Prenup To Your List Of Plans
If you're in the process of planning your wedding, you should also be planning your prenuptial agreement. You might be thinking that prenuptial agreements are only for the very wealthy, or for celebrities, but that is not necessarily the case! Prenuptial agreements are designed to protect the "not-so-wealthy" as well. A well-planned prenuptial agreement will protect you from financial devastation should your marriage end in divorce. Still not sure that a prenup is right for you? Here are four reasons why you should make one part of your wedding plans.
Your Incomes are Substantially Different
Whether you and your future spouse have substantially different incomes now, or chosen career path will create substantially different incomes, you need a prenuptial agreement. First, if you're the one who will have a smaller income, the prenup will ensure that you receive a fair portion of your partner's income should you divorce. Second, if your income is substantially larger than your partner's, the prenup will ensure that they don't take away more than they're entitled to should the marriage end.
You're Bringing Assets into the Marriage
If you're getting married later in life, and you're bringing considerable assets or income to the marriage, you need to make sure you're protected. A well-written prenuptial agreement will ensure that your assets are protected, not only from divorce, but also in the case of your passing. You can use your prenuptial agreement to document how you want your assets to be divided should you pass away. This will prevent your estate from automatically passing over to your spouse.
Your Future Spouse Has Significant Debts
If you're marrying someone who has substantial debts, you don't want that burden to pass on to you. The last thing you want is to receive half of their debts should your marriage end in divorce. Your prenuptial agreement will identify all your future spouses existing debts, and document how they are to be paid. This will protect you from being held liable for their pre-existing debts.
You Have Children from a Previous Relationship
If you have children from a previous relationship, you want to make sure they're taken care of should you pass away. By utilizing a prenuptial agreement, you can ensure that your children will be identified as the next-of-kin for estate purposes. It will also protect your kids from being written out of any subsequent wills should your future spouse retain control of your estate.
If you're getting married, it's a good idea to at least consider a prenuptial agreement. For questions regarding the process, be sure to speak to a family lawyer at Joanna Cobleigh Esq.