A prenuptial agreement is a contract between the couple prior to their marriage. The purpose of a prenuptial agreement is to define the rights and responsibilities of each party in case of divorce or death of a spouse.
Prenuptial agreements have become increasingly common as people are getting married later in life. Individuals may have established independent wealth or assets prior to a marriage, including retirement assets, stocks and bonds, or real estate. More common factors when a prenuptial agreement may be beneficial are:
- Prior marriages
- One party having significantly more assets than the other
- Large disparity in income
- One party having a large amount of premarital debt
- Concerns over business assets
- Different financial goals
- Protecting rights of the children from prior relationships
In the past, there were concerns with whether a prenuptial agreement would damage a relationship. However, as they become increasingly common, there is no longer the same negative connotation. In fact, married couples have said that is strengthens their relationship because it gives the parties an opportunity to discuss what would happen in the event of divorce or death of one of the spouses and allow them to enter the marriage with more certainty. Our attorneys know what’s important to include in the prenuptial agreement to best protect your interests. Call us to today to set up a consultation!