3 Situations Where You Should Consider Getting A Prenuptial Agreement

Getting married can be an exciting time. Many people look forward to the day that they will get married to the person they love. However, even though you may be thrilled about your upcoming marriage and believe that your marriage will be safe from divorce, it is important that you protect yourself and prepare for the worst. This why a prenuptial agreement is such a good idea. Everyone could benefit from having a prenuptial agreement, but there are certain situations where a prenuptial agreement would be highly advised. Here are a couple of those situations.

1. One or Both Of You Have A Substantial Amount Of Wealth

Some people get married when they are young and poor; in this case there really isn't a need for a prenuptial agreement because they have no assets to protect. However, if you or your soon to be spouse have a good amount of wealth that you are bringing into the marriage, it would be a good idea to get a prenuptial agreement. When you get a prenuptial agreement it can lay out who brought what to the marriage so that if the marriage does dissolve, you can get back what you brought in.

2. One or Both Of You Have Children From A Prior Relationship

Another reason to get a prenuptial agreement is that one or both of you have children from a prior relationship. It is important that you have provisions put aside to protect your children should something happen to you, or if you get divorced. For example, you may want to set up trust funds for your children that can't be touched in the divorce, or you may want to put specific instructions in the prenuptial agreement to how the children will be cared for. This will protect your children in the long run.

3. Your Soon To Be Spouse Has A Good Deal Of Debt

When you get married you will usually take on each other's debt. When you join your finances, you will be responsible for paying off your spouse's debts as well as your own. In addition, if you were to get divorced, many times the debt is divided as well so both spouses are responsible for some of the debt.

If the marriage does dissolve, you don't want to be responsible for your spouse's past debts. This is why you should be sure to put protections in the agreement that keep your debt and your spouse's debt separate in the case of a divorce.

If any of these situations apply to you, you may want to consider getting a prenuptial agreement. For more information, contact a family law attorney in your area.