A common misconception is that a prenuptial agreement is only for the wealthy. While couples in which one or both of the individuals are wealthy are most likely to get a prenup before getting married, there are many other marrying couples of all income levels who get a prenuptial agreement. If you’re unsure whether a prenup is the right choice for you and your soon-to-be spouse, here are a few reasons marrying couples should consider getting a prenup.
Reasons you should consider getting a prenup
Most couples do not have any property entirely paid off by the time they tie the knot. If an individual does have property that has been paid of entirely, it is usually thanks to a beloved relative, such as a grandparent or parent. If you are going into a marriage with inherited property, it is important that you get a prenup to protect it. In the event you get divorced, your spouse may be entitled to a certain percentage of the inherited property. Therefore, it is possible that you will need to sell the inherited property to grant your spouse this percentage if you get divorced.
2. Faster, cheaper divorce
If you or someone you know has ever gone through a divorce, you probably know that the divorce process tends to be very lengthy and expensive. In fact, if you simply follow a news story about the divorce of a celebrity couple, this fact will be evident. Unfortunately, divorces amongst “normal” people can be just as long. Also, the longer a divorce, the more it will likely cost. However, a prenup can speed up the divorce process for a couple substantially. Divorce tends to be very lengthy due to battles over property and money. However, the prenup will spell out the money situation so that there will be nothing to argue over.
3. Abandon a bad marriage
Believe it or not, many people stay in a bad marriage simply because it is cheaper to remain with their spouse. Financial ruin after a divorce is a very real possibility. These people realize that, which is why they stay in loveless and broken marriages for guaranteed economic stability. Obviously, this causes both spouses to be miserable and this misery can even spread to the children. However, if a fair prenup is in place, neither spouse will need to worry about financial ruin. Thanks to a fair prenup, both spouses will be able to leave the marriage without financial worries.
Many marrying couples mistakenly believe that they don’t need a prenup. If you’re still wondering whether you should get a prenuptial agreement, don’t hesitate to contact the Hardin Law Firm PLLC. We can review your situation, answer your questions, and advise you on the best way to protect your interests.