Prenuptial Agreements were formerly considered only essential for people of high net worth. But more people have begun to enter it, and it is now much more common than it used to be. This article highlights the essential things you need to know about prenups and how they may be helpful to you. 

What are Prenuptial Agreements? 

A prenuptial agreement, often known as a prenup, is an agreement entered into by a couple, usually before their marriage, that shows how assets will be split in case of divorce or dissolution. Everyone hopes they never need it, but with the uncertainty that life presents, it is better to have one as it protects you in the unfortunate event of dissolution. 

Prenups are essential for protecting your assets, both the existing ones and others you may come upon by inheritance or otherwise. If you are concerned about the finality of it, you should know that currently, this agreement is flexible. Factors such as changes in employment status, illness, and childbirth are considered necessary in court. 

How Can A Prenup Help Me? 

Marriage contracts hold specific stipulations depending on the state where a couple gets married. Prenuptial agreements essentially contain a separate account of each partner’s preferences in the event of dissolution or divorce. This means that your prenup has weight because it holds your preferences on critical issues that the State may be set on. For example, if your prenup contains an agreement of what happens to assets in a case of divorce, the court is inclined to favor it. 

Your prenup protects you by creating this alternative of sorts. It can agree on what happens if one partner dies or if a divorce occurs. In a few circumstances, prenups may agree on what can happen during a marriage. This is less enforceable, but it signifies the extent to which a prenup can protect your interest and that of your partner. 

You can address spousal support and eliminate or limit rights to alimony in the event of things not working out. It is not the most romantic thing to work through, but it is logical to have it done.

Who Can Get A Prenup? 

Technically, anyone can get a prenup. The question is, should you? Generally, if you have wealth, personal or inherited, or you have been divorced once, it only makes sense that you get a prenup. When high net assets are involved, a prenup should be signed. People entering marriages with few assets do not exactly need to do this because they are better off holding assets jointly. 

If you are proposing a prenup, it is only fair that you do so as soon as you can so that your partner adjusts to the idea. Prenuptial agreements have a better chance of being deemed legally binding if they are signed early before the marriage ceremony, preferably more than three weeks prior. This is necessary so that no party feels like they have been coerced into the situation. 

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