Protect Your Assets Ahead Of Time, Just In Case
To many people, family law is primarily about things that happen after marriage: divorce, for example. However, some aspects of family law apply to anticipating circumstances that might never occur, such as by drawing up a premarital agreement.
This type of agreement, known as a prenuptial agreement or simply a prenup, is designed as a sort of road map to rely on in the event of a divorce. It does not imply that a marriage will be unstable or on shaky ground; instead, it is a document prepared by a lawyer that requires foresight and input from both parties about what would be fair and appropriate in the event the marriage comes to an end via divorce.
Why Would I Need A Prenup?
Some common reasons for having a prenup might include:
- Income imbalance, where one spouse earns considerably more than the other
- The existence of a family business
- Protecting assets due to be inherited by children from a previous marriage
It is important to have an experienced family law attorney draw up the prenuptial agreement. Arrangements agreed upon informally, or by untrained financial advisers, might not hold up in court when push comes to shove. There is nothing worse than relying on a prenuptial agreement to protect hard-earned assets when it is declared invalid.
You might also consider a postnuptial agreement. This has similar features to a prenup, but is drawn up after a marriage has begun.