Should You Get a Prenuptial Agreement?

By Lightship | September 9

Although no one enters marriage with the intention of ultimately getting a divorce, the sad truth is that many marriages today do end in separation. For most couples, it can be prudent to have a prenuptial agreement.

What is it?
A “prenup” is a legally binding contract between two people who are about to marry which, among other things, dictates how property will be divided in the event of a divorce, and whether alimony or spousal support will be paid. In the absence of such an agreement, state law decides these issues.

A typical prenup agreement states that each partner will keep the property they bring into the marriage, and that assets accumulated during the marriage will be split 50/50. However, your prenup should be customized to your particular situation. You should consider having a prenup if you fall into any of the following categories:

You earn significantly more income than your future spouse
You have substantial assets
Your spouse has substantial debt
You own a business or business interest
You anticipate receiving an inheritance
You have children from a previous marriage

Although the concept of a prenup seems like it might extinguish the flames of romance, the open communication it requires often serves as a powerful building block to a strong marriage. It can also provide each partner with financial security and peace of mind, and may save you from emotional distress and court costs later on.

Make it Legal
To create a valid prenup, keep the following points in mind: