Many people still have the idea that prenuptial agreements are only used by the uber rich and famous. While they are still not commonplace in your everyday marriage, prenuptial agreements are becoming more and more popular, especially with millennials.
According to the American Academy of Matrimonial Lawyers, more than half of the lawyers surveyed responded that they observed a rise in requests for prenups from millennials. This is thought to be the result of many young adults waiting longer to get married and bringing more assets into a marriage than the generations before them. If you are on the fence in deciding whether you should get a prenuptial agreement, here are five topics that you should consider:
1. You Have Been Married Before
If you or your spouse has been married prior to your marriage, it can be a good idea to have a prenuptial agreement in place. Previous marriages can bring with them a slew of other issues, like child support and spousal support. It is a good idea to keep these separate from other marital finances.
2. One (or Both) of You Have Children
Similarly to the first point, if one or both of you have children, there could be other financial issues at play, mainly child support. Prenuptial agreements can also ensure that your children are left with what you want them to have in the event of your death.
3. One of You Has Significantly More Wealth or Debt
Prenuptial agreements allow you to protect your assets if you are bringing quite a bit into the marriage, but they also let you protect yourself from your partner’s debt. When you are married, your assets and debts become intertwined. Spelling this out in a prenuptial agreement can ensure you leave the marriage with what you brought into it.
4. You Own a Business
If you are an entrepreneur, your business is likely one of your most valuable assets. If you do not have a prenuptial agreement in place safeguarding the profits from your business, your spouse could be entitled to a portion of the profits, even after the marriage ends.
5. One of You Plans to Stay Home With Kids
If one of you plans to work while the other stays home with the kids, a prenuptial agreement can be your best friend. This ensures that you have a financial plan in place in the event that you get a divorce that takes into account the fact that one of you was working inside the home for the benefit of the family.
A Medina County Prenuptial Agreement Attorney Can Help
It can seem intimidating to ask your spouse to sign a prenuptial agreement, but it can be better for your marriage in the long run. Prenuptial agreements can also help you decide certain aspects of your divorce in the event you ever decide to end your marriage.
If you think a prenuptial agreement may be right for you, talking to a skilled Wadsworth prenuptial agreement lawyer can help you weigh the pros and cons. At Erb Legal LLC, you can rest easy knowing you are getting legal advice from a knowledgeable Ohio lawyer. Call us today at to schedule a free consultation.