Prenuptial agreements serve an important purpose in marriage. The agreement enables you to have an idea of what will happen if the marriage doesn’t work out.
There are many things that you signal that a premarital agreement might be a good option for you, but there are also some that show that it isn’t a good idea. If you are considering a prenup, make sure that you get started as early as possible. You and your future spouse both need to be able to consider the terms before signing the agreement.
If either party has debt coming into the marriage, having a prenup is a chance to assign those debts to the appropriate spouse. The person who didn’t rack up the debts wouldn’t be responsible for those debts if the marriage fails.
It can also outline what is classified as marital property and what is separate property. This is important if you have an inheritance that you think you will get during the marriage or if you go into the marriage with assets. Other situations might also benefit from a prenuptial agreement.
You must ensure that the provisions of the prenup are valid. A prenup that overly favor one party could be considered invalid later. So could a prenup that was signed under duress or one that was pushed on a partner who didn’t have legal representation. Understanding those basic points can mean that you have an agreement that protects you and your spouse if the marriage ends. Make sure that you carefully review the agreement to ensure that you can live with the terms.