How to Know if a Prenuptial Agreement is Necessary

A prenuptial agreement is a legal document that spells out what will happen if a marriage doesn’t work out as planned. It usually deals with property, debts, and support matters so that there is no question about who is entitled to what if a marriage seems headed for divorce. They’re common among celebrities and members of the financial elite, but they’re often necessary for people from everyday society too.

There is a Business or Career at Stake

Depending on your situation, maybe you have spent a significant portion of your life working as an entrepreneur to build a successful business or professional practice, or perhaps you’re a talented artist who has dedicated decades to reach your current level. You may feel like there’s no reason why your spouse should benefit from your hard work if your union doesn’t last, which is why a prenuptial agreement may provide protection.

You Have Children to Think About

When there are children from past relationships, that’s another valid reason to think about prenuptial agreement. Your agreement can discuss who has custody rights of any minor children, and it can also go into other details like which party has access to financial resources you have put aside for your kids, such as college funds.

Minor members of your family can be particularly thrown into conflict and feel unsure about what’s next, so having documents that offer legal protection for them can put everyone involved much more at ease.

It’s Useful for Setting Expectations

Each party should know what’s expected from him or herself in a relationship, and a prenuptial agreement can answer some of the valuable questions that might launch that conversation.

By clarifying things in a legally binding prenuptial document, you’re reducing the chances that disagreements will result at all because you haven’t taken the time and put forth the effort needed to have conversations that bring up tough, but discussion-worthy topics.

You Don’t Want a Long Court Battle

Planning ahead in case a marriage does not work is also worthwhile if you’re trying to avoid any issues that could delay things in court or cause unnecessary confusion. Dividing up assets can be time consuming, but advance planning can make things more efficient for everyone, especially those people who have the power to make lawfully valid decisions about your future.

These are just several of many reasons why you may find a prenuptial agreement is something worthy to have before you tie the knot with someone who is hopefully your soul mate, just in case things don’t proceed as expected with the relationship.