Being in love is one of the most exhilarating experiences. When you are in the honeymoon phase, it is hard to think that your loved one could be the reason for your emotional pain later on. However, it is always wise to plan logically and sensibly before tying the knot. You can safeguard yourself and your property from issues later in marriage by writing a prenup.
This agreement helps you set the terms and conditions of the marriage in case you divorce or separate from your spouse. It may include details about your finances, fidelity, children, and much more. Here are three reasons to consider getting a prenuptial agreement:
You Keep Your Finances Separate
One of the biggest challenges people face during divorce is property division. Without any prior agreement, the law typically requires you to share out your marital properties equally. If you have a considerable amount of wealth compared to your partner's, it might be wise to protect the assets you amassed before you got married. The best way to protect them is by drawing up a prenuptial agreement.
Once your spouse agrees to the document, you get assurance that your initial assets will remain yours during and after marriage if you break up. You can also use the prenuptial agreement to limit the amount you have to pay your spouse in alimony and how many shares they will get from your business.
You Protect Yourself From Your Spouse's Debt
Another reason why people get prenuptial agreements is to avoid the debts of their soon-to-be-ex-spouses. Some people accrue massive debts in marriage, which may be allotted to their partner upon divorce. If your partner seems to be accruing huge debts, take some control measures to protect yourself. A prenup safeguards your assets in case your partner fails to pay off their debts.
You Safeguard Your Assets in the Event of Re-Marriage
If you are considering getting remarried after divorce, you might face more hurdles than a first-timer in marriage. You will need to protect your family assets and the inheritance of your children from the previous marriage. A prenup comes in handy in this situation. It ensures that you retain some autonomy level in the second marriage, which is crucial for you and your children.
Even if you don't anticipate divorcing your spouse, a prenuptial agreement is essential for the above reasons. It is advisable to get legal assistance from an experienced lawyer when drawing up a prenuptial agreement. They will help you draft an accurate document to avoid controversies down the line. Contact a family law firm in your area to learn more.