When Should You Get a Prenuptial Agreement?

 

Entering into a marriage is a big step in anyone’s life. As exciting as it can be, getting married can also come with its fair share of uncertainty and anxiety - especially when it comes to money and assets. This is why many couples are now opting to sign prenuptial agreements before tying the knot. A prenuptial agreement is a legal contract that outlines how finances and assets will be divided in the event of a divorce or separation. But, is a prenuptial agreement right for you? In this blog post, we will explore the right time to consider a prenuptial agreement.

Before diving into when it’s the right time to get a prenuptial agreement, let’s first understand what a prenup is. A prenuptial agreement is a legal agreement between two people who are planning to marry that sets out the terms of their financial arrangement. A prenuptial agreement can cover everything from spousal support, assets, money management, property, and debts. There are a few key reasons why couples choose to get a prenuptial agreement, including:

1. Protecting pre-marital assets
   If you have significant assets before getting married, you may want to protect them in case of a divorce later on.
    
2. Second marriages
   Prenuptial agreements can be particularly helpful in second or third marriages, where there may be children from previous relationships to consider.
    
3. Business ownership
   If you own a business or have significant investments, a prenuptial agreement can help protect those assets in the event of a divorce.
    
4. Peace of mind
   Some couples simply want the reassurance of having a plan in place if their marriage doesn't work out.

So, when should you think about getting a prenuptial agreement? The answer isn’t the same for every couple. Here are a few scenarios that may indicate that it’s time to discuss a prenup:

1. You have significant assets
   If you have wealth or assets that you want to protect in case of a divorce, a prenuptial agreement may be a wise choice.
    
2. One partner has more debt
   If one partner has significant debts (e.g. student loans, credit card debt), a prenuptial agreement can help protect the other partner from being responsible for this debt.
    
3. Children from previous relationships
   If you or your partner have children from a previous relationship, a prenuptial agreement can help ensure that their financial future is protected.
    
4. You own a business
   If you own a business, it is important to protect your investment, even in the event of a divorce. A prenuptial agreement can help outline what will happen to your business post-divorce.
    

Conclusion

A prenuptial agreement can be an important step for many couples to take when entering into a marriage. It's important to recognize that a prenup is not a sign that you don't trust your partner; it's simply a practical way to protect yourself and your assets in case of a divorce. If you’re considering a prenup, it’s important to talk with your partner and look for an experienced family law attorney. Ilvento Law is a leading family law practice in Orlando, FL, and can provide expert guidance on prenuptial agreements, divorce, and all other family law matters. Don't hesitate to reach out to us today to discuss your needs.