Common Situations that Warrant a Prenuptial Agreement
No one wants to think about the possibility of divorce just before they enter into a marriage, but the fact remains that prenuptial agreements offer a concrete way to protect your assets and outline expectations. The following are several common factors that may warrant a prenuptial agreement:
- Major differences in assets: Sometimes, one member of a couple owns a considerable amount of property and enters into a marriage with a great deal of wealth, while the other member does not. In this situation, it may be wise to secure a prenuptial agreement that outlines how assets will be split if the couple decides to part ways in the future.
- Major differences in debts: If one member of the couple has significant debt while the other does not, a prenuptial agreement could protect the person without debt from being responsible for repayment should the couple get divorced.
- Dissimilar earning potential: Should there be a substantial difference in earning potential between you and your future spouse, a prenuptial agreement may help safeguard the assets and income of the higher-earning individual now and in the future.
- Businesses are owned: When one or both members of a couple own a business, it is extremely wise to enter into a prenuptial agreement that protects the business and its assets, as well as removes the other spouse from any liabilities of the company.
- Children from previous marriages: Prenuptial agreements may be used as a way to decide whose finances are used to provide for children from previous marriages.
If you and your partner would like more information on how to protect your assets and best interests when entering into a marriage, consult an experienced Minnesota family law attorney with Appelhof, Pfeifer & Hart, P.A.