Are you getting married soon? Are you trying to decide whether a prenuptial agreement is right for you and your fiancee? A prenup can be a very useful tool for protecting your assets and your financial interests. However, many couples don't like to talk about prenups because they feel like doing so may spoil some of the joy and happiness surrounding the marriage. If you have substantial assets or financial interests, though, a prenup may be too important to skip. Here are three reasons why a prenup may be valuable for you:
If you or your partner individually own a business. If you own a business, then you should strongly consider a prenup. Should you and your partner divorce in the future and you don't have a prenup, he or she may be able to successfully obtain a partial ownership of the business. That may affect the business's operations, your income, and even your ability to pass the business on to your heirs.
If your partner owns a business, a prenup is just as important. Debt is a common component of many businesses. If the business falters, your partner may have to take on considerable debt to keep it afloat. You'll want to protect yourself from that debt should you ever get divorced. A prenup is a great way to keep the business debt separate from your personal finances.
If you or your partner have substantial retirement assets. Saving for retirement is a big challenge for every married couple. It's possible that you and your spouse have each already saved a significant amount on your own. If you're married for the rest of your lives, then those assets can go towards your shared retirement together.
However, if you get divorced, you'll want to make sure that you protect the assets that you brought into the marriage. You'll need them to possibly fund a retirement on your own. A prenup can define how the retirement assets will be split should you and your partner decide to separate.
If you or your partner has children. Blending families can be a big challenge in some marriages. While you and your partner may want to combine all of your finances, it may also be important for you to protect the interests of your children from previous relationships. You may have educational accounts for those kids. Or you may wish to set aside money to leave to them after you pass away. A prenup can help divide the assets so your children aren't left out.
For more information, contact Mills & Mills Law Group or a similar firm.
I am a real estate attorney, and I have been helping clients buy and sell property for many years. Some clients do not realize their legal obligations and options when it comes to purchasing or selling a house or land. I hope that this blog will be a way for people to get information about legal issues in real estate and what they need to know when doing business. Buying and selling property can be complicated, and all parties involved have legal obligations. Know what is expected of you, and you will be able to get the best out of your real estate transactions.