If you've just proposed to your partner and are preparing to get married soon, the last thing you'd be thinking about is the possibility of divorce. However, divorce isn't something most married couples can foresee.
Sometimes, a divorce happens due to factors that seem way beyond your control. With time, your feelings about each other may change and you may not see a happy future with your spouse anymore.
In times like these, you'll realize the importance of getting a prenuptial agreement. It's an agreement signed by a couple who's considering marriage in the near-future. One main reason for a prenuptial agreement is to settle the division of assets in the event of a divorce or death.
When you're head over heels in love, you don't want to think about financial matters and splitting up down the road. But ask any divorcee, and they'll tell you that a prenup will save both your time and money when your marriage is in shambles.
Here, we'll take a look at three reasons why couples need a prenuptial agreement.
1. Either of You Is a High Income Earner
People who earn a lot more than their spouse may be required to pay spousal support after ending a long-term marriage. Getting a prenuptial agreement, however, will allow you to set your own terms and (possibly) waive alimony in case of a divorce.
It may also state that premarital assets are a separate property and only the assets earned during the course of marriage are subject to division.
2. You Have Children from a Previous Relationship
If you or your spouse has children from a previous relationship or marriage, you need to sign a prenuptial agreement to protect your kids in the event of a separation.
A prenuptial agreement is needed to preserve future income and property of the children and make sure all their financial responsibilities are taken care of. It's drafted to ensure that their inheritance and child support don't get caught up in divorce settlement negotiations.
3. Your Soon-To-Be Spouse Is in Debt
If your soon-to-be spouse is indebted, you need to consider getting a prenuptial agreement before you can tie the knot. It's necessary to clarify future financial responsibilities for both you and your spouse to minimize conflict as much as possible in divorce proceedings.
If you decide to help your spouse pay off their student loans using your retirement money, it can cost you a lot after you've separated. If your spouse takes out a loan during the marriage and doesn't pay it back, debtors may come to you to seek payment.
It's advisable to discuss the terms of your prenup with your soon-to-be spouse at least 6 months before the wedding ceremony. In any event, your soon-to-be-spouse should have sufficient time to consider the agreement prior to the wedding ceremony, even if you find yourself short of the six-month timeframe. It can be an awkward conversation to initiate with your partner, but it's a conversation worth having to make sure your assets are protected during a messy divorce.
Get in touch with Atlanta Family Law Group and let us help you draft your prenuptial agreement. Call us at (404) 963-9452 to schedule a meeting and discuss your options.