The richest person in the world, Amazon Founder and CEO Jeff Bezos, recently announced that he and his wife of 25 years, MacKenzie, would be getting a divorce. It is expected to set global records for divorce value, given the fact that the couple did not have a prenuptial agreement in place.
When the Bezos got married, they were worth nowhere near the amount of money they are now. Amazon had only just been founded, and it would be some years before it became a truly influential force on the internet.
Still, it serves as an example of an issue that can arise for couples of all financial statuses. If you have assets you want to protect, a prenup can be a valuable contract to enter into before marriage.
The following are just a few of the most common reasons why you might consider getting a prenup:
- There’s a significant income imbalance: Those who make significantly more than their partners will want to make sure they don’t have to pay out what they might consider an unfair amount of money if a divorce occurs. Likewise, spouses who make significantly less may want to make sure they can receive support in case of a divorce.
- One person enters the marriage with more assets: If you have a lot of assets of your own or have inherited a lot of money or property, you may wish to protect those assets before you enter the marriage.
- You or your partner is a business owner: Owning a business is one of the most common situations that leads to prenups being formed. It allows business owners to cover all their bases and make sure their livelihood will not be significantly affected in the event of a divorce.
- One partner has a lot of debt: If one partner has a lot of debt or is a big spender, a prenuptial agreement can help the more financially responsible partner avoid being on the hook for some surprising debts.
To learn more about getting a prenup, meet with an experienced Minnesota family law attorney at Appelhof, Pfeifer & Hart, P.A.
