Many couples can benefit from getting a prenuptial agreement, but some people in particular need this type of legal document. If you are not sure if you should get one, consider some of the most common scenarios in which it is best to sign a prenuptial agreement before marriage.
You Own a Business
If your business is your main source of income, you do not want to risk losing it to your spouse. Plus, if you have business partners, you need to make sure their interests are protected, too. If you do not get a prenuptial agreement, you could lose at least half of your business during divorce.
You Make More Income Than Your Spouse
If you make a lot more money than your husband or wife, you could end up taken advantage of during divorce unless you sign a prenuptial agreement. After all, some people marry just so they can divorce and end up with half of their spouse's money. Even if you are sure your spouse is not planning to divorce you, if the marriage does go downhill, he or she could end up with more income than you would like to part with.
You Have More Assets Than Your Spouse
Similarly, if you come into the marriage with major assets, such as a house, luxury cars, or retirement accounts, you should get a prenup. Unless you spell out what your husband or wife can have during divorce, you could end up losing assets that you want to hold onto. With a prenup, you will still have to give your spouse some of your assets, but this way you have more control of what you keep and what you lose.
Your Spouse Has a Lot of Debt
Just like income and assets, your debts will be distributed equally during divorce. This means that even if you come into the marriage with no debt, you could leave with a lot of it. Make sure your prenup specifies which debt is yours, your spouse's and yours as a couple. This can save you a lot of money in the long run.
You Have Been Married Before
If you already have both assets and children from a previous marriage, you will need to specify what will happen to them when you divorce. In particular, a prenuptial agreement can protect your children, since your spouse may get everything instead of your children if you do not sign this document. This is why prenups are especially important in second marriages, as many people come into them with children and assets from the first marriage.
We Can Help You with a Prenuptial Agreement
If you and your spouse have agreed to get a prenup, come to Brian D. Perskin & Associates P.C. for help. If your spouse is not sure that a prenup is a good idea, we can also assist in explaining to him or her what the benefits are. We want to make sure you are both protected in case of divorce, which is why we encourage you to come to us for assistance with this popular legal agreement.