To be young and in love — it can be a great thing. When the topic of marriage comes up, there are a lot of things to discuss. Potential divorce and protecting assets should be on that list. Unfortunately, for most couples in Missouri and elsewhere, these two topics get overlooked.
When one is young and struggling economically, a prenuptial agreement is not likely at the top of one’s list of important things to have. Most people think that these documents are only meant for the wealthy. This is not true, however. Anyone, even the young and broke couples in the world, can benefit from prenuptial agreements.
Prenuptial agreements can go beyond splitting assets and debts brought into and accrued over the course of the marriage. A couple may start out young and broke, but it does not mean that they will remain that way. A prenuptial agreement can include specifics about who is responsible for debt, how future wealth and assets are to be divided, and even include lifestyle clauses — such as who gets the dog or limits what can be posted social media during and after the divorce process.
Divorce can be financially devastating if a plan is not in place for how to manage assets and debts when the marriage is ending. A prenuptial agreement can help lessen the economic fallout and help each spouse receive a fair division of assets if marriage dissolution is pursued down the line. An experienced family law attorney can help a Missouri resident create a binding marital contract that meet his or her specific needs.
Source: Time, “Why You Should Get a Prenup Even If You’re Young and Broke“, Erin Lowry, June 2, 2017