Many people believe that Prenuptial Agreements are for wealthy couples that want to protect their family’s fortune. However, this could not be further from the truth. Prenuptial Agreements are important for every couple to have, even if you do not have many assets. I often hear people say that they will never get divorced. Of course couples do not plan on getting divorced – what would be the point of getting married if a divorce was planned?
A Prenuptial Agreement can help you and your fiance have important discussions about how finances will be handled when you are married. Such as whether or not you will combine incomes, if debt will be held in joint names or one name, or maybe one of you has a business of your own that you would like to keep separate. This type of Agreement helps you plan for what could possibly happen in life and, if you would ever get divorced, most of the difficult stuff is already dealt with.
A basic type of Prenuptial Agreement would have the parties each keeping their own income, equally splitting debt and monetary accounts and waiving spousal support and alimony. There can be more complicated Agreements also that divide debt by percentage and deal specifically with certain property or income of the parties.
No matter what type of Prenuptial Agreement you may need, it is best for you and your fiance to discuss these types of issues, although it may be hard to do. To me, a Prenuptial Agreement is very much like a life preserver – hopefully you will not need it, but if you do, you will be extremely thankful it is there!
Contact Coover & Associates today to set up a low-cost initial consultation with me to discuss your options.