‘Happily, Ever After ‘every couple believes this when they are about to get married. And as we all look forward to eternal happiness is prenuptial agreement really necessary?

 

Firstly, we need to understand what exactly is a ‘Prenuptial Agreement’, also called ‘Prenup’. A Prenup is a written contract made by two people before they get married. It normally lists all of the property/assets each person owns (also if any debts) and specifies what each person’s rights will be after the marriage.

 

Prenups are not just for the wealthy, although prenups are often used to protect the assets of the well-off individual; there are couples turning to them for dual purposes. Here are some reasons why people choose to have a prenup:

 

Defining financial rights. Couples wealthy or not, with or without children, may wish to clarify their responsibilities and financial rights throughout the marriage.

 

Avoid arguments in the event of divorce. Or avoid potential arguments that relate to finance within the marriage, by specifying in advance how their property/assets will be divided.

 

Division of property to children from previous marriages. A marrying couple with children from previous marriages may use a prenup to specify what will happen to their property/assets when they pass away, so that they can separate property to their children while still providing for each other. Without a prenup, the living spouse might have the right to claim a large portion of the other spouse’s property, leaving much less for the children.

 

Be protected from debts. Prenups can also be used to protect spouses from each other’s debts, and may address a multitude of other issues as well.

 

So, is a prenup necessary? Just like insurance, it is better to be safe now than sorry later. A prenup is a must have before getting married and now is very common.

At Morrison Specter we negotiate and write up your agreement in a way that is fair, understandable, and legally sound to protect you and your loved ones for the future and any possible circumstances that may arise.