For better, for worse. That is a vow many newlyweds make, but when reality hits and divorce is in the offing, you might be unprepared for its outcome. This is where a prenuptial agreement comes in.
However, a common conception is that having a prenup signifies doom for your marriage. As a result, many don’t make such arrangements and are often left regretting it. Here are some reasons why you should strongly consider having a prenuptial agreement.
Do you have children from another marriage?
If you have children from another marriage, a prenup can ensure that you leave your personal assets to them. Without a prenup, your spouse is entitled to a significant share of the estate, and it could leave the children with little to divide among themselves.
Do you have significantly more assets than your spouse?
A prenup can define the amount of spousal support you will be required to pay in case of divorce. This can help protect your assets against excessively high spousal support demands, which is a possibility without a prenup.
Equally, if you have a business, you should secure its future after divorce since many family businesses tend to wind up after the dissolution of the marriage. You can do this using a prenuptial agreement that states what will happen to the business after your divorce.
Do you need protection from your partner’s debts?
If your spouse gets into personal debt, they might use marital property to clear it. However, a prenup that addresses how premarital or business debts should be handled can save you the trouble.
Essentially, a prenup is akin to having an assured way of how things will go after the divorce. Therefore, you need to ensure that you get everything right when making it. It will help avoid instances where the court invalidates it due to avoidable legal mistakes.