As you begin to plan your wedding, one of the most important questions that may arise is: “Should I sign a prenup?”. Let’s take a look at some reasons you may need to consider adding a prenup to your marriage plans.
What is a Prenup?
A prenuptial agreement is a legal contract that will detail the expectations and property rights, both tangible and intangible, both parties can expect in the unfortunate event of a divorce proceeding.
You and your soon-to-be-spouse can work together to make well-informed decisions. A prenup will help distinguish the difference between marital and separate property. In the event of a divorce, your prenup will outline how marital property should be divided.
While prenups aren’t that romantic, they are ideal. When you sign a prenup, you are negotiating a business arrangement. Once acceptable terms are found, a contract is signed ensuring protection for both sides.
When Should I Sign a Prenup?
There are a wide variety of reasons to consider signing a prenuptial agreement before you walk down the aisle. The ultimate goal is to make sure that both parties are protected in the event the unexpected happens and a divorce occurs. Here are some of the most common reasons you should consider signing a prenup.
- One, or both of you, have been married before and have assets you are bringing into the marriage.
- One, or both of you, have children from a previous marriage.
- One of you has a substantially higher income than the other.
- You own a business or are part of a business partnership.
Can I Sign a Prenup If I’m Already Married?
We always plan for the ‘happily ever after’, but sometimes things do change. If you didn’t sign a prenup before you said ‘I do’ and circumstances have changed making you concerned- it’s important to consider having a discussion with your spouse about signing a postnup agreement.
Having an open discussion about prenups may help relieve the tension in a relationship. This exercise can be an incredibly cathartic experience for the both of you. This process can give both sides the opportunity to air grievances and insecurities. In the end, as your assets, spending habits, and debt are analyzed, you both have a better understanding of the impact stress can have in your lives.
Making a Plan for Life
Whether you are looking for a cohabitation agreement or considering a prenup, planning for life is essential to your future. Ogborne Law is here to help. Our goal is to work towards an agreement that is fair to both parties. We strive to create an arrangement that protects the interests of both sides.
Our office can also help with evaluations of an estate and business planning risks. As you work towards your family’s goals, we are here to help with any legal needs you may have. Along the way, we will make sure our actions will work in conjunction with your prenup as well.
If you are considering whether you should sign a prenup, and are ready to schedule your marital agreement consultation, click here or call 602.343.1435 today to schedule your appointment today!