While bringing up the idea of signing a prenuptial agreement before marriage may sound a bit tedious, the truth is that this agreement is beneficial for everyone involved in the relationship. In simple terms, a prenuptial agreement can be defined as an agreement between the partners that outlines the financial consequences of ending their marriage.
The divorce law has a number of clauses to deal with the settlement after the divorce, but most people are not happy with the workings of divorce law. Therefore, a prenuptial agreement allows them to take control of their own lives instead of allowing the government to manage the terms of their divorce.
A customized prenup allows them this flexibility. A prenup agreement is not required in all the cases, but you should definitely sign an agreement in case you fall into one of the below categories.
If you come from money, but your partner is relatively poor, a prenup agreement can ensure that you and your companion are getting married for the sake of the relationship and not just for your money. A prenup agreement clearly outlines the financial settlement after the dissolution of marriage which prohibits someone from marrying only for the sake of money.
You should also get a prenup agreement in case your earnings are much higher than the partner. You can specify the maximum amount of alimony that can be paid to the partner in the prenup agreement as many states allow it to be part of the agreement.
An agreement makes it easy for you to remarry. Many people have different financial and legal concerns when they remarry. This is especially true when they have support obligations, significant assets and children from previous marriage. A prenup agreement can be used to ensure that the assets are distributed in the right manner in case you decide to end your marriage or in the event of the death of a partner.
A prenup agreement also keeps you safe in case your partner comes into the marriage with a high debt load. It is important to keep in mind that you may become responsible for those huge debts in some cases when you decide to end your marriage. A prenup agreement can help in such cases.
If you are a business owner, a part of your business can be awarded to your partner without a prenup agreement. If that is the situation, you can specifically prohibit your partner from owning a share of your business in case of divorce by stating such in the prenup.
Such an agreement also offers financial protection in case you decide to quit your job for raising the children. In the agreement, you can specify that the financial responsibility of raising the children falls on both the partners and both have to pay their fair share.
While you can always prepare your own prenup agreement, it is better to hire the services of an experienced attorney to get it done. These attorneys are aware of various statutes of the law that can be used against someone in the case of divorce. These attorneys are highly experienced and can help you in crafting a watertight prenup agreement that keeps you safe in the event of divorce.