subject: Protecting Yourself with a Prenuptial Agreement [print this page] Protecting Yourself with a Prenuptial Agreement
Anyone who is planning to marry whether it's your first, second, or even fifth marriage needs to consider getting a prenuptial agreement. For those unfamiliar with this term, you may ask "what is a prenuptial agreement". In simple terms, it is valid protection from financial catastrophe in the event your marriage fails.
To be more detailed, however, a prenuptial agreement, also commonly known as a prenup or premarital agreement, is a contract created prior to marriage. This contract has the power to protect the property rights and finances of the two people mentioned in the contract.
Contents within a prenuptial agreement vary. However, it mostly covers stipulations for property and spousal support. Conditions regarding guardianship may also be included.
Although most people think prenuptial agreements are only for the rich, this couldn't be further from the truth. Prenuptial agreements are for anyone with an income and assets such as a home, stock, a business, an inheritance, etc. Prenuptial agreements will help you avoid the stress of fighting over all of this. In addition, prenuptial agreements can help reduce your high legal fees, for you won't be running to court constantly to fight your estranged spouse over assets and income.
Besides avoiding stress and expensive legal fees, there are several reasons to consider getting a prenuptial agreement. For instance, if your finances are better than your soon-to-be spouse, then you need to be certain that they are not marrying you because of this very reason. If he or she is hesitant or outright refuses to sign it, then the answer is clear: they love your money and not you.
If your soon-to-be spouse is heavy in debt, then it's extremely important that you get a prenuptial agreement before saying "I do." You don't want to be held accountable for his or her debts. Also, in the absence of a prenuptial agreement, if your estranged spouse files for bankruptcy, any joint bills you made during the marriage opens doors for creditors to collect from you.
Another reason to consider a prenuptial agreement involves previous marriages, which could include children. You or your soon-to-be spouse may have obligations such as spousal and child support to a previous marriage. You may also have wishes concerning the distribution of your assets upon your death. These wishes could include your first family having some of your belongings. A prenuptial agreement would cover grounds on all these matters.
The moment you start discussing marriage is when you should start discussing a prenuptial agreement. And when you become engaged, it is at that time that you need to get a prenuptial agreement form. Don't wait until days or a few weeks before the wedding to discuss this. This is too important to put aside for later. It's understandably not a romantic topic; however, marriages nowadays do not always stay loving. Thus, it is wise to protect yourself rather than think that your love will overcome everything, including a nasty divorce.
Like everything else, prenuptial agreements are now available online. An online prenuptial agreement is a time saver since you can download it anytime and get started quickly on the pathway to protecting your income and assets.
Love is beautiful, but in a world where it's becoming a disappearing emotion, you must be smart. You can't be a fool for love. And thanks to a prenuptial agreement, you won't be.
