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3 reasons you may need a prenuptial agreement

On Behalf of | Sep 20, 2021 | Divorce

A prenuptial agreement takes the mystery and the contention out of a divorce. When you and your fiance set certain terms before you get married, you will know what to expect if you someday decide to divorce.

Prenuptial agreements, far from being documents that only benefit the incredibly wealthy and powerful, are useful for many different family scenarios. If any of the three situations below might apply to your family, then you will likely benefit from drafting a prenuptial agreement.

Either spouse has had a marriage before

Divorce and remarriage are common occurrences in modern America. There is nothing wrong with getting remarried after a divorce, but it’s important to understand that your risk for divorce increases with each subsequent marriage.

The divorce rate is higher for second marriages than for first marriages and even higher for third marriages than it is for second marriages. Higher potential for a divorce is a good reason to draft a prenuptial agreement, as investing in an agreement before marriage will make a divorce faster and cheaper.

Either spouse has made specific promises to the other

Have you agreed to offer your partner alimony if you cheat during the marriage or if you divorce them for personal reasons? Do you already have an agreement about what kind of custody-sharing arrangements you would prefer if you do have children during your marriage and divorce when they are still young? You can use a prenuptial agreement to create a written record of important promises between spouses that affect your decision to marry or your expectations for the relationship.

Either spouse has major personal assets to protect

Do you own a successful business? Do you already own a house that you have saved and paid for independently? When you have substantial personal assets, you don’t necessarily want to split those in the event of a divorce. Drafting a prenuptial agreement allows you to designate your biggest possessions as separate assets and prevent their division.

Anyone hoping to avoid a contentious divorce could benefit from a prenuptial agreement. Being honest about how beneficial a prenuptial agreement might be could help you determine if drafting one would be the best option for your marriage.