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Prenuptial Agreements
Prenuptial Agreements
So, you're getting married. Do you need a prenuptial agreement or not? Well, that depends.
When thinking about a prenuptial agreement (prenup), you should analyze several factors. First, do you have many assets? Assets may include property, retirement, savings, investments, business ownership or other types of valuables.
Second, do you want any existing assets to be considered joint-ownership, or would you like to reserve any of them to be wholy owned by you? Without a prenuptial agreement, any existing assets will be likely considered jointly owned and in the case of divorce would be split.
Third, a major issue comes up when considering a prenup. Do you trust your potential spouse? Probably. But trust really has nothing to do with this decision. It comes down to the fact that ovver 50% of marriages end in divorce. "Not mine", you say. Well, perhaps not. But it's better to be safe and clear at the beginning of marriage. Even if you are full owner, you will most likely share in the benefits from any existing assets, so it should not be an issue.
If you have children from a previous relationship, it would be wise to keep your assets separate simply for the fact that you want to have your children benefit in the future. You can blame your accountant or attorney if you're worried it may cause conflict with your significant other.
Don't let a prenuptial agreement be the cause of stress in your relationship. You can make it a matter of business, not related to your spouse at all. However, it easily can become a problem and may actually end in disaster if not handled properly. It would be wise to bring up the issue very carefully and in good time. If you are really concerned about getting a prenuptial agreement, you may even consider bring up the subject while dating -- before you get engaged -- simply as a matter of fact. Then your spouse should be able to understand it is not personal, but something you had decided previously.
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