3 Reasons Why a Pre-Nup Is Crucial Before You Get Married
A good number of couples tend to overlook having their spouse sign a prenuptial agreement because they view this step as setting up their marriage for failure. However, this legal document is merely a precautionary measure that you should take to ensure you have financial protection in the event the marriage disintegrates. Keep in mind that most divorces end up being quite acrimonious due to all the emotions that go into the breakup. So even if you are entirely in love with your spouse, you never know how different they will be when the marriage is finally over. Check out the following reasons why a prenup will be crucial before you tie the knot.
1. A prenuptial agreement ensures your business stays untouched
Building a business takes a lot of heart and hard work. Therefore, the last thing you would want is to have your company considered part of the assets that should be divvied up when you break up with your spouse. Nonetheless, if you have not stated this in a legal document, then you could end up losing a considerable portion of your business to your spouse. When drawing up a prenuptial agreement, you get the chance to state categorically that your business should never be considered as a joint entity for you and your spouse. Thus, the company remains in your name and will not be compromised if you and your partner go your separate ways.
2. A prenuptial agreement safeguards your rights to an inheritance
Considering that blended families are becoming the norm, you could be going into your marriage with children from a previous relationship. However, did you know that your kids from an earlier spouse may not be eligible for an inheritance from your future spouse if there is no legal documentation recognising them as part of this new union? Rather than leaving it all to chance, it is ideal to draw up a prenuptial agreement that has provisions for the progeny that you do not share. Thus, even if your souse is to pass away without a will, you can be assured that your children from your previous union will still be taken care of.
3. A prenuptial agreement facilitates negotiation of spousal support
Besides child custody, spousal support is one of the more contentious issues you have to contend with when you break up with your partner. And considering that you may both be highly emotional during divorce proceedings, it is best to stipulate the terms for spousal support before you seal your union. If the marriage does dissolve, you can avoid protracted court battles for alimony.
For more information, contact your local family law office.