When most people think of prenuptial agreements they think of documents that only apply to the rich and/or famous. However, in this day and age, pretty much anyone can benefit from a prenup.
Essentially, a prenup sets out how financial issues should be addressed in the case of divorce such as property division and spousal support. But the marital contracts can also help make sure a couple is on the same page, financially speaking, before tying the knot.
As a recent article from USA TODAY reports, financial advisers are the first to suggest that prenups can serve an important purpose for couples in a variety of circumstances. Accordingly, here are seven times they say it would be wise to consider a prenup:
- You have significantly more or less assets than your partner. A prenup can spell out exactly how your assets should be divided.
- Your partner has significantly more or less debt than you. A prenup can address who should be responsible for which debt.
- You own a small business. A prenup can set forth what rights, if any, your partner has to your business.
- You have children from a previous relationship. A prenup can protect the financial interests of your children from a previous marriage or relationship.
- You expect to receive an inheritance. A prenup can make sure that the inheritance you receive is considered separate property, if that is what the donor intended.
- You and your partner have different views on finances. A prenup can address the issues that could arise during the marriage such as how much money should be kept in savings at all times.
- You want to keep part of your finances separate. A prenup can help distinguish which assets are martial in nature and which are separate.
As you can see, a prenup can be valuable in numerous situations, not just when there are significant assets involved. Talk to an experienced family law attorney in your area for more information on whether a prenup is right for you.