Are Prenups Only for the Wealthy? Definitely Not.
When you hear about celebrities, athletes, and other wealthy individuals getting married, you often hear the term prenuptial agreement mentioned. It may very well make you question “are prenups only for the wealthy?”
A prenuptial agreement is a written contract between two people entering a marriage that sets forth each parties’ rights and obligations, protects the parties’ properties and assets, and provides how these assets will be distributed in the event of death or divorce. Since the wealthy have more assets, many people mistakenly believe that only the rich choose to get prenuptial agreements, so they don’t even consider them when they are getting married. Others feel that prenups are in poor taste and could put a sour taste on the upcoming marriage.
However, neither of these statements is true. In fact, anyone who is planning to get married, no matter how numerous or few their assets may be, should make sure to have an agreement in place. Getting a prenup to protect yourself is one of the best decisions you’ll ever make!
What Do Prenups Cover?
Naturally, the agreement will cover the finances of each individual. This is generally what comes to mind when thinking about prenuptial agreements. However, these contracts can cover a lot more, such as property division, assets acquired before and during the marriage, tax status, debts before marriage, and debts during the marriage.
What Are the Benefits of Having a Prenuptial Agreement?
We all do it, hope for the best, but we should always plan for the unexpected. No one likes the idea of getting a divorce, and it is the furthest thing from your mind when you are getting married. However, the reality is that many marriages simply do not work out for a myriad of reasons. The prenuptial agreement ensures that you don’t have to worry about losing everything in the event of a divorce. You will understand the difference between marital and non-marital property, and you can protect your estate.
In addition, since there is a contract that spells out what will happen in the event of a divorce, it could reduce the conflicts and time spent arguing during the divorce proceedings. This can actually help you to save time and money and have a smoother transition in the event of divorce.
How to Get a Prenup
Now that you can see the benefits of getting a prenuptial agreement, it’s time that you and your future spouse sit down and discuss it. This can be a very touchy subject to bring up, as it is not very romantic. However, it is important, and it is not something that you want to put off for long. Be honest, open, and explain the benefits that it can bring to both of you. At that point, you will be able to contact an attorney who can draw up the agreement for you. You should speak to an attorney well in advance of your set wedding date, you need to give yourself time to think about the decisions, review and discuss the document so that you are not rushing the process and adding stress to your big day. Never choose a piece of do-it-yourself software for this agreement. Make sure that you have an attorney handle the process for you to guarantee legality, and to ensure that your contract will hold up in court.
When you are selecting an attorney for your prenup, choose someone who has knowledge of family law, and who can help you and your future spouse understand how the prenuptial agreement can help you. The attorney will explain the additional benefits of having a prenuptial agreement drafted.
Even if you don’t have the wealth of an A-list actor or a starting quarterback, it does not mean that you should go into a marriage without a prenuptial agreement. No matter the value of your assets, it is important to have some protection. In the event of a divorce, a prenuptial agreement will ensure that you can get on with your life without fear of becoming destitute in the process. At Lauriston Law Firm, our client’s best interests are our top priority – always. We will make sure you understand the process and answer any questions you or your fiancé may have about prenuptial agreements. This process is fast, easy, and will be a convenient way to start your new life next to your loved one. Contact us today for additional information.