If you are asking yourself this question, the answer is absolutely yes, you should seek the advice of counsel about whether a Prenuptial Agreement is a good idea for you. Let’s face it, the era of everyone getting married right out of high school and acquiring all of their assets and liabilities together during the marriage is long gone. Chances are, you already have assets and liabilities going into your marriage, or maybe it is even a second marriage, and you really need to understand the impact your upcoming marriage will have from a legal standpoint.
I realize that prenuptial agreements are often regarded as unseemly. But they get an unfair rap. A prenuptial agreement is just the legal document that outlines the understanding of both spouses as to how they wish to maintain their assets both during the marriage, and in the worst case, upon a divorce. It simply codifies the intention of the parties going into the marriage as to how they will keep both separate and joint assets, and treat debts, so that it is perfectly clear how the division of assets and liabilities is to take place upon a divorce. It is often used as part of an estate plan for a second marriage. In fact, just like if you die without a will, without a prenuptial agreement, your marital assets and debts are divided pursuant to the law. Most of us don’t want the law to decide for us what happens with our assets after we die, so we undertake estate planning and sign documents such as Wills in order to control the distribution of our assets. A prenuptial agreement is no different– it puts you in control of what happens to your marital estate upon divorce or death.
Continue Reading Do I need a Prenuptial Agreement?