Prenuptial agreements are absolutely a no-brainer for certain categories of people. For instance, if your assets are significantly higher than your future spouse’s, you must get a pre-nup. If you earn much more than your spouse, or expect to earn much more than him or her over the next few years, then you absolutely must protect your assets and income in a prenuptial agreement.
However, prenuptial agreements don’t necessarily have to be for the wealthy. In fact, with so many marriages ending in divorce, and with so many couples walking into a marriage with their own debts and assets, it makes sense for almost every couple to get a prenuptial agreement before they walk down the aisle. Besides, when you discuss all of the financial nitty-gritty that go into the making of a prenuptial agreement with your to-be-spouse, you will find that you get to know your spouse better. It also makes for greater transparency in the relationship. After all, money is the number one cause of disputes among couples.
Many couples now prefer to have their own separate financial assets, including separate bank accounts, separate credit cards and so on. Protections for these assets must be included in your prenup.
Say, for instance, you and your potential spouse have different financial habits. If one person tends to save money while the other spends a lot, it may be important to define exactly how the two of you will handle your finances during a relationship by outlining it in a contract.
If you have a child from a previous relationship, and you’re bringing the child into this marriage, it is important to define who will pay for the child, as part of the prenup. The same goes for when you are caring for an aged parent, or have any other kind of financial responsibility at the time of entering the marriage. Financial responsibilities must be clearly defined.
Talk to a San Jose family lawyer about drafting a prenuptial agreement.