If you love someone and have a lot of assets, you may be concerned about losing them if you want to get married. Before you choose to tie the knot, you should learn more about prenuptial agreements as a means to protect yourself and your assets. Just because you’re considering having a legal document prepared to protect assets in the event of a divorce, does not mean you’re expecting your marriage to end in a divorce.
A prenuptial agreement is an agreement between two parties that are entering into a civil union or marriage. It is similar to an insurance policy because it outlines what will or will not happen in the event of a break-up or divorce. When two parties can decide ahead of marriage who would receive spousal support and what would happen to the assets, it’s much easier on both parties should a divorce occur. A prenuptial agreement can determine, before the marriage takes place, what are the assets each party brings to the union.
In the event of either party’s death, the prenuptial agreement will allow your spouse to waive their right to all or portions of the estate. An example would be that you have been married in the past and have children you’d like to leave some of your estate to. When one of the spouse’s passes away, the other spouse usually inherits the assets from the dead. When you have a prenuptial agreement, this can clearly outline where your assets should go in the event of your death.
Prenuptial agreements are also a great way for you and your partner to discuss finances before you tie the knot. When you work with an attorney experienced on prenuptial agreements, they can orient you about the multiple options available to you and your partner. A prenuptial agreement cannot determine who has custody of the children or how much child support needs to be paid. Those are determined by the state law. If you’re considering marriage or any type of civil union and have a lot of assets, you should learn more about prenuptial agreements that will protect you in the future.
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