Prenups or prenuptial agreements are not for everyone but they DO help some couples reach peace of mind. A prenuptial agreement comes into play if a couple divorces. It's an agreement that states who gets the premarital assets. No one wants to think about their marriage ending before it even starts. Unfortunately, 50 percent of marriages end in divorce. Our law firm in Lake Ozark is here to give you a few factors to consider in order to know whether or not a prenup is necessary, in this week's blog. Call Gibbons Law Firm today for your free consultation if you're considering a prenup. We can be reached at 573-348-2211.
How To Know If A Prenup Is Necessary
DO YOU HAVE CHILDREN FROM AN EARLIER MARRIAGE?
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).
DO YOU MAKE MORE THAN YOUR FIANCE?
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.
DOES YOUR FIANCE HAVE A TON OF DEBT?
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.)
Want To Know More About Prenups?
If so, you've come to the right place. Our experienced lawyers at the Lake of the Ozarks have helped many clients establish their prenuptial agreements. We can be your guide throughout this process. If you've never been married before, this is new to you and may seem somewhat intimidating, but it doesn't have to be. We can help you map out what your prenup should look like and what it should cover, down to every last detail. This can be somewhat emotional because we're talking about what happens if you divorce. Having a guide to help you through this emotional process can be very beneficial. The hope is that you never have to look at this agreement again and that you stay married happily ever after, but if your marriage ends in divorce, at least you'll know what will happen. For more information, give us a call at the phone number listed below. You can also follow us on our social media channels listed below to stay up to date on our latest tips.
Remember, your initial consultation with Gibbons Law Firm is always free.