If you are planning to marry, it is unlikely that you are entering into a union with someone with anything other than the best intentions. Regrettably, however, history has shown time and time again that not all marriages go the distance, and many marrying couples choose to create prenuptial agreements for precisely this reason.
If you are entering into a marriage with personal or business assets of your own, it may prove wise to give some serious consideration to drafting a prenuptial agreement. Even if you are not particularly wealthy, you may have assets or valuables that you want to maintain exclusive control over during and after your marriage, and your prenuptial agreement can help you avoid potentially costly legal disputes down the line. Furthermore, a prenuptial agreement may benefit you if:
It is not your first marriage
While prenuptial agreements can benefit first-time spouses, too, you may find one particularly beneficial if you have been married before. You may, for example, be more likely to have adult children when you enter into a second or third marriage, and you may have worked hard for decades to be able to provide for your kids once you pass on. A prenuptial agreement can ensure that the assets you leave your kids go directly to them and that they are not instead used for, say, nursing home care for your new spouse down the line.
You and your partner have different spending habits
You may also want to consider creating a prenuptial agreement if you have concerns about your fiancé’s ability to manage money. For example, if you have been saving money since day one, but your spouse tends to spend it as soon as it hits his or her pocket, establishing a prenuptial agreement can help you avoid being on the hook for your spouse’s debts, should you divorce.
While these are some of the circumstances that might lead you to consider drafting a prenuptial agreement, please note that there are numerous other instances that may also warrant creating one.