Do I Need a Prenuptial Agreement?
Before you and your fiancé say your “I do’s”, it may be in your best interests to consider signing a prenuptial agreement. While no one likes to think about the possibility of divorce, especially before you’ve even wed, the truth is that forever is a long time, and there is no guarantee or requirement that you or your spouse will really be together ‘til death do you part.
With that being said, it is important to get your financial affairs in order before you get married so that you don’t have to worry about your finances being on the line if your marriage ends in divorce. Read on to learn more about why having a prenup or postnup is important and the details you’ll want to include if you make the decision to sign a prenuptial agreement.
Reasons to Obtain a Prenup or Postnup
Though it is possible for a marriage to end amicably, in most cases, one spouse is angry or hurt by the other. When this happens, the divorce process can be much more hostile than you might have been prepared for.
At this point, the division of your marital property and assets could be on the line, and you could also end up being on the hook for spousal support. There is also the potential for you to be stuck being responsible for outstanding debts accrued by your spouse. To protect your best interests, having a prenuptial agreement, even if you don’t have a high net worth, may be in your best interests.
Points to Include in Your Prenuptial Agreement
Asking your soon-to-be spouse to sign a prenup may not be the most romantic conversation you’ll have, but at least you’ll be able to go into the marriage without the fear of being ruined financially. Some of the most important points you’ll want to include in your prenuptial or postnuptial agreement include:
- If and how much spousal maintenance will be paid
- Which spouse will retain the home you share
- How other important assets may be divided
- Whether your spouse will be entitled to any cash or savings you brought into the marriage
- A child custody and support plan for existing or future children
Discuss Your Case with Our Divorce Attorneys
Having a prenuptial agreement in place can offer you protection in the event of a divorce. If you are already married, we may still be able to assist you in implementing a postnuptial agreement. To learn more, schedule a free consultation with one of our experienced divorce attorneys at Karp & Iancu.