Written by Jonathan Breeden
A prenup is a written agreement that is signed before a marriage. It outlines what will happen to marital property in the unfortunate event of a separation, divorce, or death. Contrary to popular belief, prenups are not just for the wealthy. People of all income levels can benefit from these agreements in order to protect their financial future.
So are you wondering if you need a prenup? Learn more in the video below:
Below is a list of signs that can help you determine whether a prenup is right for you. If you are seeking legal assistance with drafting one, contact skilled North Carolina prenuptial lawyer Jonathan Breeden of Breeden Law Office at (919) 661-4970 to schedule a consultation.
Despite the amount of money or other assets you have, you should consider a prenuptial agreement for a number of reasons, including:
You Own a Business
If you are a business owner, your business is likely one of your largest assets. A prenup can protect your business and prevent a divorce from causing a fight over ownership. Even if your business is fairly new and you are unsure of how it will pan out, a prenup is a smart choice.
You Plan to Quit Working
Sometimes one spouse gives up their career in order to stay home with their children. If this sounds like something you will do, know that you will be placed in a difficult spot financially if your marriage comes to an end. A prenup can indicate what type of support your income-earning spouse may provide you if a divorce arises.
You Have Children from a Previous Relationship
If you have children from a previous relationship, a prenup is a must. It can prevent disinheritance and ensure that a portion of your assets are transferred to them upon your death.
You Manage Money Differently Than Your Spouse
If you consider yourself a saver with a hefty 401K account and your spouse-to-be is a big spender with credit card debt, you manage money differently. A prenup can help both of you get on the same page about money management and avoid future conflicts. Additionally, a prenup can protect you from being responsible from your partner’s debts if your marriage does not work out.
You Carry Less Debt Than Your Spouse
Marital debt is usually divided in some way among a divorcing couple. If you got through college on a full scholarship and your spouse has a significant amount of student loans, you may be responsible for their debt if you do not sign a prenup. A prenup can state that the partner who incurred the debt will be accountable for it if a marital split arises.
You Expect a Large Inheritance
If you expect to receive a large inheritance from a family member over the course of your marriage, a prenup can protect it from being divided upon a divorce. A prenup can also specify that your family heirlooms remain in your possession if your marriage ends.
You Earn Substantially Less Than Your Spouse
If you earn substantially less than your spouse, a divorce can take a serious toll on your financial well-being in the event of a divorce. A prenup that includes language that allows for alimony or a greater division of property can save your financial future.
If you are getting married, you should reach out to Jonathan Breeden, an experienced North Carolina prenuptial lawyer today. Breeden Law Office has helped countless couples draft prenuptial agreements that have allowed them to form a stronger martial bond and provided them with peace of mind. Contact us today at (919) 661-4970.