Spring is here! The birds are chirping and flowers are beginning to bloom. If you are contemplating a second marriage, or if this is your first marriage and you have substantial assets, contact a knowledgeable attorney to discuss whether a prenuptial agreement may be right for you and your loved one.
A prenuptial agreement is a contract between two people about to wed that spells out how assets will be distributed in the event of a divorce or death. Unromantic, but certainly important. Generally speaking, if you fall into any of the following categories, you should give a prenuptial agreement some consideration:
- You have assets such as a home, stock, or retirement funds.
- You own all or part of a business.
- You may be receiving an inheritance.
- You have children or grandchildren from a previous marriage.
- One of you is much wealthier than the other.
- You have loved ones who need to be taken care of, such as elderly parents.
- You have, or are pursuing, a degree or license in a potentially lucrative profession, such as medicine.
Broaching the topic of a pre-nuptial agreement with your loved one can be uncomfortable, but it is important to be honest and candid about why you want the agreement. Start a dialog even before the engagement so there are no surprises to your future spouse after the wedding venue is booked and the guests are invited. More importantly, many judges have thrown out prenuptial agreements because they were signed at the last minute. If you think a prenuptial agreement is right for you, set up a consultation with an attorney you trust.