You and your partner want to get married, and you’re excited to be together and to start a family. You have a small problem, though, in that you have much more in terms of assets than they do. As a result, you do want to protect yourself and make sure that you don’t end up losing assets if your marriage ends down the line.
A prenuptial agreement is a good way to protect yourself and to make sure your spouse will be treated fairly when you divorce. This document lets you go over topics like property division and business arrangements in the case that your marriage ends.
Why would a person sign a prenuptial agreement?
There are a few reasons someone might sign a prenuptial agreement even when the terms limit what they can get out of the divorce.
- First, they may sign because money or assets really aren’t that much of a concern for them and they are more focused on starting a future together with their spouse.
- Another reason is because the prenuptial agreement provides them with some simple protections in the case that they get divorced in the future, such as guaranteeing them a certain property or amount of spousal support.
- Prenuptial agreements can also handle issues with death. For example, if you die, your prenuptial agreement could still go over what will happen with certain assets or financial items.
Overall, prenuptial agreements are designed to be protective, and a good one can make both people feel more secure with moving forward in marriage.
Do you need to draft the prenuptial agreement together?
It’s not a bad idea to work together with your spouse to disclose assets and form a prenuptial agreement together but with separate attorneys present. Alternatively, you may work on one with your attorney and give it to your partner to review long before your wedding, so they have time to take it to their own attorney and negotiate changes that they’d like to make.
A prenuptial agreement can be a great opportunity to work out some issues that you could come across in life before you get married or divorced. It’s worth discussing using one with your partner.