If you are planning a summer or fall wedding, you probably have a lot of the major details decided. You likely know when you are getting married, where you are getting married, where your reception will be and who is taking the photographs. You likely have a florist lined up and maybe have decided what food and cake you will serve.
Yet, you may need to handle another important detail before the big day: creating a prenuptial agreement between you and your future spouse. You may think you don’t need to worry about a prenup because you aren’t rich and you think having a prenup will destine you for eventual divorce. However, having a prenuptial agreement can protect you and your assets. Here are five reasons you may benefit from having a prenuptial agreement:
- You own your own home. If you want to protect your home and having to divide its value in divorce, you can protect your home as separate property with a prenuptial agreement.
- You are approaching a second marriage or marriage later in life and you want to protect your retirement assets or other investment assets in divorce.
- You own your own business and you want to protect its assets in divorce. Having a prenuptial agreement in place is one of the best ways to protect having to give your spouse a significant portion of your business assets if you divorce.
- You want to protect yourself from having to split debt with your future spouse. Not only are assets divided in a divorce, but so are medical debts, joint credit card debts and property debts.
- You want to protect family property, such as heirloom jewelry or a vacation home. You want to ensure you get to keep your inherited family property even if you later divorce.
If you think having a prenuptial agreement will benefit you, you can work with a family law attorney to create one. You can ensure your agreement is fair to you and your future spouse and have valuable conversations about how you will split your assets in case of divorce. Most importantly, you can protect assets that are most valuable to you and avoid having a costly divorce battle down the road.