The Background On Prenuptial Agreements
A prenuptial agreement (also called a "prenup" or a "premarital agreement") is a legal agreement that couples enter into before they lawfully become husband and wife. This agreement outlines how certain debts and assets will be divided in the event of a death or future divorce. Few individuals want to think about such unfortunate circumstances (especially during the otherwise happy time of planning a wedding), but it is nonetheless a crucial topic for engaged couples to discuss.
How To Determine If You Need A Prenuptial Agreement
The short answer is that almost every single couple can benefit from a premarital agreement. You may not ever end up using it if you stay married for the rest of your lives, but it is always better to have it and not need it than to need it and not have it. While it can benefit almost everyone, certain couples are especially prime candidates for prenuptial agreements. Here is a closer look at the types of couples who could benefit from setting up a premarital agreement at the Lake of the Ozarks.
Couples With Drastically Different Incomes
In some engaged couples, one individual may earn a significantly higher income than the other. In these instances, it may be wise to consider setting up a prenuptial agreement to specify how this income should be divided in the event of a divorce. Without a prenup, the lower-earning spouse may be able to take a significant portion of the higher-earning spouses's income in the form of alimony.
Couples With Drastically Different Debts
If either you or your soon-to-be spouse is entering the relationship with a significant amount of debt, you may be prime candidates for a premarital agreement. Unless otherwise specified in such an agreement, you may be required to share the responsibility of the debt during your marriage or after a divorce. (The flip side of this also applies: it may be advantageous to establish a prenup if one of you has significantly greater assets - such as retirement accounts - prior to entering the marriage.)
Couples With Children From Previous Marriages
If you or your fiancé has children from a previous marriage or relationship, building a prenuptial agreement may be able to help you arrange for the future support of your children. You cannot establish rules for child support within a prenuptial agreement, but it can be used to identify which of your preexisting assets should go straight to your children in the event of your passing (rather than going to your spouse, for example).
Gibbons Law Firm Can Help You Establish Your Prenup
If you are getting married in the near future, contact Gibbons Law Firm for help setting up a prenuptial agreement. While it may not be the most romantic topic for you and your soon-to-be spouse to discuss, this agreement may prove invaluable at a later date. It is wise to finalize this document more than a month in advance of your wedding date, so don't wait. Contact our family attorney in Osage Beach MO to get started.
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