When people think of prenups, they generally presume that this is just for wealthy people. However, that is not the case because even couples with huge amounts of debts or stakes in some businesses can opt for a prenup.
In general, people have to hire a lawyer to devise the appropriate terms and conditions of the prenup, so feel free to check this out if you are confused about prenups. Prenups play a very important role in modern marriages because this ensures that both parties are aware of the terms of conditions that would be in place in case of a divorce.
What Exactly Is A Prenup?
Prenups are basically written contracts between an engaged couple stating the responsibilities and rights associated with the marital and premarital debts and assets. The primary aim of a prenup is to sort out what would happen to the debts and assets of the couple in case of divorce or debt.
However, many believe prenups are much more comprehensive than simply splitting a couple’s financial assets as it also addresses other pressing concerns such as inheritance or spousal support. In simple words, this is an agreement for a couple that helps them better prepare for the worst to safeguard the emotional and financial interests of both parties involved in the marriage.
Why Should You Get A Prenup?
In general, prenups are very prevalent among people with a significant amount of assets before marriage.
However, some of the prevalent reasons to get a prenup to include:
- Either of the parties involved in the marriage is a partial or full owner of a business.
- Either of the parties involved in the marriage has a notable stake in the assets of their families or family business.
- the Either of the parties involved in the marriage has been involved in multiple divorces earlier.
- Either of the parties involved in the marriage has children from a previous marriage.
- Either of the parties involved in the marriage has a significant amount of debt or plan to incur a significant amount of debt shortly.
How Can You Get A Prenup?
As you can see, there are many reasons for getting a prenup, but it is not always easy to strike the uncomfortable conversation of a prenup with your partner. Check this out to get more information on getting a prenup.
Conventional steps involved in getting a prenup to include:
- Open and transparent communication
- Consulting a reliable legal advisor
- Accumulating relevant financial information
- Determining the need for a prenup
- Outlining the marital goals of the couple
- Drafting and reviewing the agreement
- Executing the prenup
In Conclusion
Contrary to conventional presumption, it is always better to have a prenup and not need one than needing one and not having one. Therefore, make sure to check this out and acquaint yourself with everything you need to know about prenups.
