The weeks and days before a wedding are all about planning for the joint union between two people who love each other. Nobody likes thinking about financial or legal issues before getting married because it spoils the fun, trust, and romance of the occasion.
However, one of the most responsible things you can do before getting married is to consider a prenuptial agreement for you and your partner to sign. Prenuptial agreements are legal contracts that outline the distribution of each spouse’s financial assets, debts, and other personal and financial matters in the event of a divorce. Since it is “prenuptial,” the agreement must be signed by both parties before the marriage occurs.
Below are the top three reasons to create, sign, and file a prenuptial agreement to protect your assets before saying “I Do” to your partner.
1) Protect Your Money and Assets
If you have any money or assets to your name, you will want to protect your finances with a prenuptial agreement before getting married. A prenuptial agreement will allow you to safeguard all the money and assets you have obtained before marriage so that you don’t have to split it up with your spouse if you get divorced.
Of course, you can agree to give your spouse some of your assets, but that is for you to determine in the prenuptial agreement. At least you won’t have to worry about the court system giving away more of your assets than you would like if you were to get divorced.
2) Identify Debt Responsibilities
If you or your spouse have existing debts before marriage, it would be a good idea to identify the responsibilities of who pays those debts if the two of you get divorced. In most cases, each spouse will agree to remain responsible for the debts they have accrued themselves before marriage.
A prenuptial agreement will ensure that one angry spouse won’t try to force their debt responsibilities onto the other spouse if they were to divorce. Instead, each side can meet an agreement on these responsibilities beforehand when they are still on friendly and reasonable terms.
3) Keep Your Business Separate from Your Marriage
Owning a business could become marital property after marriage unless you distinguish it separately in a prenuptial agreement. You can protect any professional practice or family business you own by forming a prenuptial agreement that lets you keep your company in the event of a divorce.
Otherwise, if your spouse were to take ownership of your business by failure to file a prenuptial agreement, they could drive the company into the ground by running it improperly. You need to protect your income and financial security by ensuring you will retain full ownership of your business if your marriage doesn’t work out.
Request a Consultation
Would you like to schedule a consultation with a family law attorney regarding your desire for a prenuptial agreement with the person you plan to marry? Contact Dadan Law Firm at 772-263-7417 to get started today.
You will learn more about the benefits of a prenuptial agreement and how it can offer you financial protection after saying “I Do” to your new spouse.