You may think a prenuptial agreement is all about the assets each partner brings to a marriage, but there is more to it than that. When you create a prenup, you are taking advantage of open lines of communication that may close later on.
You do not have to be wealthy to have a prenuptial agreement. Here are five good reasons for sitting down with an attorney to draw up a document you may be very glad to have at some point in the future.
1. A difference in earning power
If you earn considerably more income than your intended, a prenuptial agreement will allow you to set a limit on the alimony you would have to pay in the event of divorce.
2. A remarriage
If you have been married before, you may have children and assets, such as a home. If you should die, your prenup can ensure that your assets are distributed and your families cared for according to your wishes.
3. High debt
If your partner is carrying high debt, a prenup can keep you from having to be responsible for any of it if there is a divorce.
4. Business ownership
You may own part of a business. If your marriage ends, a prenup can prevent your soon-to-be spouse from becoming an unwanted partner and owning a share of the company.
5. Family planning
The decision to quit a job in order to stay home and raise children is a worthy goal, but it cuts out one income. The prenup can stipulate how you and your partner will share between you the financial burden of raising a family.
Perfect timing
The moment in life when you are in love and looking forward to marriage is the best time to draw up a prenuptial agreement. Being honest with each other and addressing issues that could otherwise become problematic is an excellent way to clear the way for married life.
