5 Ways That A Prenuptial Agreement Can Come In Handy
Are you ready to propose marriage to someone you have only known for a short period of time? Considering the duration of the relationship, putting a prenuptial agreement in place is wise to do if you have a lot of valuable assets. There are various ways that the agreement will come in handy in the event that the marriage ends soon after only lasting for a short while. Take a look at this article to discover a few of the reasons why a prenuptial agreement might be ideal for your situation.
1. Set Rules for Future Decisions
A prenuptial agreement is a great way to determine how certain decisions will be made in the future. For instance, if you and your spouse decide to have children, the agreement can set rules for how they will be educated. If you want the children to be homeschooled, it can be a term set in the agreement.
2. Determine What Will Be Considered Marital Property
If there are certain pieces of personal property that you would like to maintain complete control over, a prenuptial agreement is ideal. If you have a special vehicle or collection that means a lot to you, you can make sure it remains yours no matter what. Basically, the agreement will set legal rules for all assets that can be divided in the event of a divorce.
3. Protect You from Losing Premarital Money
If there is a substantial amount of money in your bank account, it can become a marital asset. You might be required to give your spouse a portion of it in a divorce. A prenuptial agreement will either allow you to maintain possession of all of your money, or you can limit the amount that your spouse can obtain in a divorce.
4. Decide How Marital Debts Will Be Handled
Numerous types of debts can accumulate in a marriage, even if it doesn't last long. For instance, if your spouse has a habit of charging credit cards, the amount owed can accumulate fast. If the marriage ends, you can be forced to pay a percentage of the debts. You can make set a term that keeps certain from falling on you.
5. Set Rules for Spousal Support
Alimony is one of the common things that people fight for in a divorce. However, it is not always deserved. You don't want to end up having to pay a lot of alimony. Use a prenuptial agreement to limit the amount of alimony that your spouse can receive, especially if he or she makes the marriage miserable. Contact a family lawyer to discuss getting a prenuptial agreement drafted up.