Many couples avoid ever discussing prenuptial agreements because of the stigma attached. Future spouses fear that bringing up a prenuptial agreement will detract from the joy of the wedding. There is also a risk that the person who raises this topic will end up conveying to the other partner that the relationship may not ultimately be a permanent one. In reality, it is a much better idea for spouses to discuss the terms of prenuptial agreement early on, rather than waiting until the marriage has gone sour. The following will outline some of the substantial benefits that people realize by entering into prenuptial agreements.
You are Entering a Second Marriage
If you are remarrying, it is likely that you have a number of unique financial issues to consider. Some complications that might need to be addressed include any residences that you own as well as whether you would like any children from previous marriages to inherit your property.
You Have Substantial Assets
If you are entering a marriage with substantial assets, it is likely that you want to take the steps necessary to protect your assets in case the marriage does not last. Creating a prenuptial agreement helps a couple specify what assets are classified as marital assets and what are not. As a result, prenuptial agreements offer a degree of protection against the equitable distribution process performed by courts during divorce.
You are a Business Owner
If you are a business owner, it is critical to consider entering into a prenuptial agreement with your spouse. By doing so, you will not only be able to protect your interest in your business, but you will also be able to protect the ownership of anyone else involved in the business. Failure to enter into a prenuptial agreement might put your business at risk.
You Have Substantial Debt
Few marrying couple have truly honest and open conversations about their finances. A prenuptial agreement helps to facilitate this important conversation and give both spouses a sense of the other’s debts. If you are marrying someone with substantial debt, a prenuptial agreement has the ability to protect you from becoming responsible for that debt upon divorce.
You Will Stay Home to Care for the Child
If one spouse intends to quit his or her job and remain at home to take care of the couple’s children, it is critical to create a prenuptial agreement that makes sure that spouse’s contributions will be accounted for upon distribution of the couple’s property.
Speak with an Experienced Family Law Attorney
While some people might perceive prenuptial agreements in a negative light, the contracts have some major advantages. If you have questions or concerns about prenuptial agreements,speak with an experienced family law attorney. Contact Vayman & Teitelbaum P.C. today to schedule a free initial consultation.