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Who can benefit from a prenuptial agreement?

On Behalf of | Jul 20, 2020 | Firm News |

You may believe that only people who are exceptionally wealthy, have been married more than once or who are older can benefit from a prenuptial agreement. However, this is not true. Even if you are young and planning your first marriage, you may still benefit from creating a prenuptial agreement. 

In the past, prenuptial agreements had a stigma attached to them. Now, however, more people view a prenuptial agreement as a practical necessity, similar to a home insurance policy when you take out a mortgage. There may be advantages to a prenup in any case, but Business Insider describes some situations in which couples particularly stand to benefit. 

1. People who own pets 

You may regard your pets as beloved family members, but they are property in the eyes of the law. Therefore, they are subject to the laws governing property division in a divorce. It may be a good idea to work out an agreement regarding pet ownership now. Such conflicts can become extremely heated during divorce proceedings. 

2. People who have or plan to have children 

You cannot make arrangements for child support or custody in a prenuptial agreement. Those decisions have to take the child’s interests into consideration, which is impossible to determine in advance. However, if either you or your spouse plan to take care of the children in lieu of working full time, a prenup can provide a financial safety net in the form of alimony should the marriage eventually end. 

3. People with debt 

It is not only assets that become marital property but debts as well. If you come to the relationship owing a lot of money, a prenup can protect your spouse from shouldering that burden in the event that you eventually divorce.