When Do You Need One? 

A prenuptial contract is a legally binding agreement between two people before they are married that outlines what each party will receive in the event of a divorce or death. It can be an excellent way to set the ground rules for how the money will be handled during a marriage and after it is over, and it can also help to foster a sense of intimacy and trust between the couple. 

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When Do You Need One? 

Whether you have children from a previous marriage, you are bringing in a significant amount of money into the marriage, or you own a property that you want to protect, you may need a prenuptial agreement. These agreements are important because they can reduce the number of arguments over finances that occur in a marriage. They can also ensure that you do not lose your asset or pay out your debt in the event of a divorce, which is common for many couples today. 

Why Is One Good? 

For some couples, the best reason to get a prenuptial agreement is that they have children from a prior marriage or are bringing in a significant amount of cash into the marriage. In those cases, the assets that they bring into the marriage, such as a house or cash in an investment account, can become community property in the event of a divorce, which could leave them with less than they had before the divorce. 

If a prenuptial agreement is not in place, state law will determine what happens to the property acquired by either spouse during the marriage, and whether or not that property will be divided at the time of divorce or death. This can cause serious issues in a marriage, especially when one of the parties has substantial assets that are being brought into the marriage. 

A prenuptial agreement can help to avoid this issue by establishing which spouse will be responsible for debts such as student loans or medical bills in the event of a divorce. These debts can be extremely expensive and could cause significant stress on a family if one spouse is responsible for paying them back. 

When Should You Get One?

In a prenuptial agreement, the couple must disclose all their financial information to one another, including any assets they may have and any debts they may have. Often, this can be done in a meeting with an attorney who can help the couple to create an agreement that will protect them both. 

It is a good idea to make an appointment with an attorney for a free consultation to discuss what options are available and how your situation may be impacted by a prenuptial agreement. It is also a good idea to have the agreement signed by both parties before the wedding. This will help to prevent a dispute arising over the timing of the signing and to avoid any claims of duress, as in the case of a bride being coerced into signing the agreement the night before her wedding.