A prenuptial agreement (or prenup) is an arrangement that can determine what will happen to yours and your spouse’s income, debt, and assets in the event of divorce, separation or death. A prenuptial agreement is entered into before marriage and although the idea of drafting one may be uncomfortable, it is not decidedly a bad thing. Here are some things to consider about prenups:
What Are the Benefits?
Creating a prenup may actually enhance your relationship. Discussing money issues and establishing a protocol for deciding future matters can be a benefit in the long run. Getting your marriage underway with open communication and a level of trust can keep your relationship strong for many years. You also protect yourself, children, and business from potentially expensive, disruptive and drawn-out proceedings in the unfortunate case of death or divorce.
Who Needs a Prenup?
It is often thought that only the wealthy can benefit from a prenup but there are a variety of reasons a couple may initiate a prenuptial agreement. You might need a prenup if:
- One spouse is much wealthier than the other.
- Either spouse owns real estate and wants to keep it separate.
- One individual has more debt than the other.
- Either spouse has children from another relationship.
- One or both own a business or are part of a family business.
- One person stands to inherit something in the future.
How Does it Work?
Prenups work like any contract. You and your future spouse discuss the issues you want to include in your prenup. You will need full financial disclosure during this process, and once you come to an agreement, it’s made into a formal legal document and both parties sign it.
How Do I Get One?
Both you and your spouse should consult with a lawyer prior to signing any premarital agreement. You have to follow some strict legal rules if you want your prenup to be valid. To know exactly what your agreement needs to say it’s best to check with a lawyer.
If you have questions about a prenuptial agreement, contact the trusted lawyers at Skinner & Associates. Call 614-664-0200 for a consultation, or visit our website for more information on how we may be able to help you.
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