In an ideal situation, marriage is about meeting the love of your life, tying the knot and living happily ever after “till death does you part.” Unfortunately, life is far from ideal. It is not uncommon for a marriage to end in a divorce.
While the idea of discussing divorce even before you are legally married may seem disturbing and unappealing, signing a prenuptial agreement can be an excellent way of safeguarding your rights and interests should something happen down the road.
A prenuptial agreement gives you control of certain aspects of your divorce rather than leaving everything in the hands of the court.
Should you sign the prenuptial agreement?
A prenuptial agreement is not a mandatory requirement when getting married. Thus, only you and your partner can decide if a prenup suits your specific set of circumstances. That being said, here are two circumstances when getting a prenuptial agreement makes perfect sense:
1. When you are remarrying
Whether it is your second or subsequent marriage, there is no doubt that your financial situation would be a lot more complicated than when getting married for the first time. You probably have children from your previous marriage, your own home or significant financial obligations and liabilities like alimony and child support.
With a prenuptial agreement, you can be certain that neither your children in the current relationship nor from the previous ones are left out of your wishes.
When your partner is in serious debt
If you or your partner is in considerable debt, then a prenuptial agreement can shield one another from liability should the marriage come to an end. This is especially crucial if your partner has student loans to pay or significant business debt, but even credit card debt can be an issue.
Every relationship is different, and so is every prenup. Find out how a properly-written prenuptial agreement can protect your rights and interests should your marriage end in a divorce.