Is a Prenuptial Agreement Right for You?
An important part of planning for your marriage is to consider signing a prenuptial agreement to help you prevent financial issues in the future. There is no longer a stigma attached to marital contracts because most people have come to understand that this type of financial planning can actually make your marriage stronger.
As reported by Ivy Jacobson in the Huffington Post, a premarital agreement is a contract that an engaged couple executes prior to the wedding as a means for figuring out their finances. This type of agreement allows a couple to decide how their money, assets and debts will be divided in the event of a divorce. It is important to understand, however, that issues such as child custody or child support matters cannot be decided in a prenuptial agreement. Deciding what is in the best interests of a child is a matter that is left for the courts to decide.
There following are a few of the common reasons why couples decide to get prenuptial agreements:
- Prior marriages. If at least one of the individuals has been married before, it may be necessary to have a marital contract that ensures assets or debts from the prior marriage does not get intertwined with your new spouse’s finances.
- Children. If you have children that you want to protect in the event you die, a premarital contract is an effective way to safeguard their inheritance.
- Unbalanced wealth. If one individual has a significantly higher financial worth than the other, a premarital contract allows you to protect certain assets. The same is true if one person has substantial, separate debt that the other spouse does not want to become liable for in the event of divorce. Finally, if one spouse does not intend to work, a prenuptial agreement can provide certain financial protections for him or her in the event of divorce.
- Businesses. Many small business owners protect their investment by setting forth the future spouse’s rights (or lack thereof) to the business.
- Privacy. If you want to keep your finances out of the public eye, a premarital contract provides you with privacy. In fact, many marital contracts contain a confidentiality provision that protects both parties involved.
If you are engaged and interested in creating a prenuptial agreement with your future spouse, or you need assistance with other family law matters, call the knowledgeable attorneys at the Men’s Divorce Law Firm. Our office is located in Orlando, Florida, but we proudly serve husbands and fathers across the State. The firm also serves men out of state with child custody interests in Florida.