Things to Know About Prenuptial Agreement
For some people, prenuptial agreements are insulting, unromantic, and even bad luck. However, they now perceive them as valuable premarital communication and financial tools. Though spouses can protect their assets in the event of death or divorce, prenuptial agreements offer a soon-to-be-married couple a great opportunity to have an honest, serious discussion about how they will handle issues like finance and debt. More facts can be seen here.
What is a Prenuptial Agreement?
A prenuptial agreement determines premarital assets like property and what will happen to them as a contract established before marriage if one spouse dies of the marriage ends.
It is fair for your spouse to share in your wealth if your premarital estate is significant. This case is only as much as you want in case of death or divorce. This situation is critical if you are going to protect the children from another marriage. Learn more about Reasons a Prenuptial Agreement is a Great Idea.
Who Needs a Prenuptial Agreement?
There are different views from financial and legal experts on the prenuptial agreement necessity. However, people can benefit from having a deep discussion about their future and the same open and honest conversation about ownership, debt, and money.
Thus, you will need a prenuptial agreement if one or both spouses have a child or children from a former relationship. With that, they can ensure the child will inherit specific property from a deceased parent.