While prenuptial agreements are largely popular amongst the rich and famous, average people really ought to consider prenups as well.
Depending on your financial status and ongoing relationship, signing a prenup might be a very, very good decision. Divorce lawyers in Scottsdale recommend the following three reasons to sign a prenup before your wedding day.
If either you or your spouse has children from a different relationship, it’s critical to sign a prenup to ensure that they will be taken care of in the event of divorce or death. As of 2013, 4 out of 10 marriages included at least one person who had been in a previous marriage.
With a prenup, assets are protected, and an estate plan is carefully laid out for children. Ultimately, you need to consider whether you’d want your assets going to the surviving spouse or directly to your children from a previous marriage. A will is not enough. You want a prenup to solidify the terms of the will.
While prenups oftentimes protect wealth, they can also keep you free from your spouse’s debt. If one or both of you are entering the marriage carrying debt, a prenup will specify who is responsible for paying off the debt both during and after the marriage.
When one of the parents stays home with children, he/she is saving the family, on average, over $100,000 per year. This is a significant amount of money, considering that with the stay-at-home parent, the work would likely have to be contracted out, which can be costly.
If/when a marriage ends in divorce, there is no real way to identify those savings. This can put the stay-at-home parent in a tough situation. With a prenup, both parties are protected.
As a final note, take time to ensure that your prenup is mutually beneficial. Ultimately, it should be a way to show that you and your spouse truly care about each other. For more contact our law firm at [email protected]