The term prenuptial agreement is one that most adults hear in connection with the marriage or divorce of a celebrity or a person with substantial financial resources. While prenuptial agreements were once not something a middle-class couple would consider, the increased number of adults waiting to marry until after they are established financially has changed that. Couples who are older, have children from a previous relationship, or own a business are now more likely to consider creating a prenuptial agreement prior to getting married. Asking yourself a few key questions can help you determine if you need a prenuptial agreement.
Are You Working Toward Something Profitable?
It is not unusual for a person who has not yet established the success he or she wants to disregard any suggestions regarding obtaining a prenuptial agreement. However, if you have been working towards a business or invention for a long time it is a good idea to protect your future profits. While you may not have the resources yet, an agreement can protect you in the future if you later decide to divorce. Forgoing an agreement could lead to a situation in the future in which you are forced to share profits from your business because while you started working on it several years before getting married, no money was earned until after you married.
Do You Have Children?
The number of people who remarry in the United States after one divorce has increased, but unfortunately, a person who has gotten a divorce once has a greater chance of subsequent marriages ending in divorce. After spending a lifetime amassing property and establishing financial security for children from a previous marriage, no one wants to risk losing assets intended for children through divorce. A prenuptial agreement gives you more control over the amount of money a future spouse can receive if your marriage ends, allowing you to protect certain property and intangible assets from being lost during a divorce.
Is Your Future Spouse in Debt?
Prenuptial agreements can do more than protect property and money. It is possible to use an agreement to protect yourself from creditors if your future spouse has a large amount of debt. Creating a legal agreement that keeps debt separate is a way to avoid being held responsible for debt that your spouse acquired after the divorce is finalized. Limiting your debt liability prior to marriage can preserve your credit and keep certain marital properties safe from your spouse’s creditors.
Contact an Attorney
The idea of planning for a divorce prior to getting married is not pleasant, but it is practical. If you or someone close to you is getting married and are worried about future financial repercussions, contact an attorney. Talking to a prenuptial agreement attorney is a good way to find out if obtaining an agreement prior to marriage is something that will benefit you. The attorneys at Lawrence Law Office are able to assist you with creating a valid agreement. We can answer your questions and help you decide the best way to secure your assets. Contact our conveniently located Columbus, Ohio location today to schedule a consultation.