Talking about prenups or prenuptial agreements can be uncomfortable, but it doesn’t have to mean that the couple getting married doubts the marriage. It is more of a way to eliminate the fear of the unknown. As lawyers in the Lake of the Ozarks, we cannot forget that 50% of marriages end in divorce. While prenups are not necessary for all situations, there are some specific situations when it might be a good idea to consider them. If you are engaged to be married and would like to know your options and seek advice for your situation, call Gibbons Law firm today to schedule a free consultation. If you are interested in learning 5 reasons why someone may want to get a prenuptial agreement, keep reading this blog.
1) Do You Have Children from a Previous Marriage?
It can bring a lot of peace of mind to your kids to know their interests are being protected as well. You may have preexisting assets or family heirlooms that you want to go to your children, and that may not happen without a prenuptial agreement that specifies what assets will go directly to your children (rather than your spouse e.g.) if you were to pass away. Our experienced lawyers at Lake of the Ozarks can help guide you in the options you have for looking out for your children with a prenuptial agreement.
2) Will Your Fiance Be Bringing a Lot of Debt to the Marriage?
If your significant other has accumulated a lot of debt prior to you getting together, you might consider a prenup to establish that they are responsible for that debt, and not you. Without a formal agreement, you may be taking on all the debt that your fiancé has as soon as you are legally married.
3) Do you Own a Business?
Someone who has spent years of their life creating a business and establishing a livelihood and reputation as a business person may be reluctant to risk losing half of what they have worked for. A prenup can provide some security in that situation.
4) Do you Expect to Receive a Large Inheritance or Have a Retirement Plan?
If you know that you are likely to receive a valuable inheritance of money or assets, it is likely the person leaving that to you would only include your fiancé in the event you were together. Getting a prenup is a way to protect their wishes.
5) Do you Earn Significantly More Money Than Your Fiance?
Of course, you are willing to bring your financial assets to the marriage as a partner, but if you were no longer with your fiancé, would you be prepared to give up part of your income to him/her for life if you divorce and are required to pay alimony? That is another example of how a prenuptial agreement can be used to safeguard your current and future money and/or assets.
Have Questions About Prenups?
At Gibbons Law Firm, we are here to help. Our mid-Missouri attorneys can help make the conversation easier and walk you through the process. When it comes to whether or not to get a prenuptial, it is a personal decision and an important decision that should be made with the proper information. In so many ways in life, we think it is best to hope for the best and prepare for the worst. If you would like to talk with an attorney at our Lake Ozark Law Firm, call the number below to schedule a free consultation.