While many couples focus on the “fun” part of getting married, in its essence, marriage is also a legal agreement. Laws define what that agreement is and what may happen if the couple separates. A Prenuptial Agreement allows the couple to bypass some default state laws to define how assets and debts will be managed.
What is a Prenup?
A Prenuptial Agreement is a financial contract often signed before a couple is married. It helps define assets and debts and how they might be divided in the event of a divorce. Prenups are becoming increasingly popular due to couples getting married later in life after accumulating assets on their own. They are also commonly used to protect the inheritance of children from previous relationships. Additionally, your business partners may require you to have a Prenup to protect the assets of the business.
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Are Prenups just for wealthy people?
While the media often focuses on Prenups and Wills of the “rich and famous,” Prenups are for everyone. Even if you do not have substantial assets, Prenups can help distribute debt and protect business partners. They can also be used to protect family assets. You can change your agreement through the years as assets and debts are added.
Can I get a Prenup after the wedding?
Yes, you can obtain a Prenup at any time. If you sign an agreement after the wedding, it is often called a Postnuptial Agreement. It is best to write and sign your marriage agreement as soon as possible while you are on good terms. You can even change your agreement as assets and debts are added. You’ll also benefit from making a new Will when you get married.
How to ask for a Prenup
Asking for a Prenup should not be a cause for contention. Think about it this way: If you don’t have a Prenup and you end up splitting, the state will decide how your assets will be divided. It’s better if you and your future spouse decide together how assets and debt may be distributed. Don’t think of it as “dooming” your marriage, consider it just plain smart. If either one of you owns a business, have children from a previous relationship, or have substantial debt, a Prenup is in everyone’s best interest.
3 ways Prenuptial Agreements are good for your marriage
Prenuptial Agreements are a good way to start off the legal marriage relationship. For many people, marriage is the biggest legal agreement they’ll ever make. Prenups are good for marriage in many ways. Here are three examples:
- Debts and assets are revealed. Many people get married without knowing how much debt their soon-to-be spouse may be carrying or what family assets they may own. Sitting down to write a Prenuptial Agreement gives the couple an opportunity to start their marriage with full awareness of each other’s financial situation. It is also a good idea to view each other’s credit reports.
- Important decisions are made amicably. Fair and smart financial decisions are more likely to occur while the couple’s relationship is loving and amicable. If the relationship is stressed, the couple may find it difficult to make important financial decisions.
- It can protect family assets. Some couples are getting married after they have children or getting married a second or even third time. A Prenup can be used to ensure that your children from previous relationships will retain the assets you appoint to them. For example, you may have a family vacation cabin or other family heirloom that you want to retain for your children rather than splitting in the event of a divorce.
Prenups are designed to help protect and distribute assets and debt. They can also protect your business. They help start your married life with financial clarity, which is good for all marriages. If you are ready to make a Prenup, or you have other questions about getting married, Rocket Lawyer is here to help. Get started for free today!