Prenups Aren't Just for the Wealthy
The word ‘prenup' has likely been the fault for many relationships ending, but with the statistics confirming that one in three first marriages result in divorce, and half of second and third marriages not always being successful, it's common today to consider a prenup. Even the experts agree that prenups are a smart thing to have.
For those unfamiliar with prenups, a prenup is when two people have a contract drawn up that explains each asset and what happens to be it should a divorce or death happen. Prenups have actually been around for quite some time, they just haven't always been labeled a ‘prenup' like they are commonly known as today. Royal families are more acquainted with prenups because they must protect their fortune.
Prenups Aren't Just for the Wealthy
You don't need to have a serious fortune or be super-wealthy to take advantage of a prenup. Any person that has significant savings may choose to protect their hard-earned money; maybe even more so than one who has millions.
If you fall into any of these categories you really should consider a prenup:
It can be worrisome trying to figure out how to bring about the conversation of a prenup with your other half. First of all, you want to bring it up as soon as possible; this way they aren't surprised to hear you speak of it. Naturally, a couple that holds no secrets and is very open with each other shouldn't have any issues talking about a prenup. You should sit with your other half and come to an agreement on how the contract should be drawn up, what it should include, etc.
Discussing the prenup contract can actually save you a lot of money. Many times fees are based on how long it takes to draft the agreement; knowing exactly what you want it to say when you get it drawn up will help immensely.
You should each have an attorney; not a shared one. This is simply to make sure an enforceable agreement is reached.
A Valid Prenup
Honesty is important when it comes to creating a valid prenuptial agreement and it's important that both parties include all of their assets; not just some. Of course, the contract can become null or tossed by a judge if it's determined that one person hid assets from the other.
Your agreement will need to be signed by both you and your partner well before the wedding arrives. This is why we encourage you to bring it up early on in the relationship.
Adhering to Proper Legal Procedures
You will want to make sure that you follow all the legal procedures to a ‘T' when it comes to your prenup. Your attorney will help ensure this goes smoothly and that every thing is done correctly.
For those unfamiliar with prenups, a prenup is when two people have a contract drawn up that explains each asset and what happens to be it should a divorce or death happen. Prenups have actually been around for quite some time, they just haven't always been labeled a ‘prenup' like they are commonly known as today. Royal families are more acquainted with prenups because they must protect their fortune.
Prenups Aren't Just for the Wealthy
You don't need to have a serious fortune or be super-wealthy to take advantage of a prenup. Any person that has significant savings may choose to protect their hard-earned money; maybe even more so than one who has millions.
If you fall into any of these categories you really should consider a prenup:
- You own a business (or are a partner).
- You have major assets including stock, retirement funds or a home.
- You receive or will receive an inheritance.
- Your field of study is a lucrative one; medicine, law, etc.
- You have family that needs care; elderly parents, disabled family, etc.
- You or your partner is wealthier than the other.
- You have kids or grandkids from a prior marriage.
- You expect to see a significant increase in your income in the near future.
It can be worrisome trying to figure out how to bring about the conversation of a prenup with your other half. First of all, you want to bring it up as soon as possible; this way they aren't surprised to hear you speak of it. Naturally, a couple that holds no secrets and is very open with each other shouldn't have any issues talking about a prenup. You should sit with your other half and come to an agreement on how the contract should be drawn up, what it should include, etc.
Discussing the prenup contract can actually save you a lot of money. Many times fees are based on how long it takes to draft the agreement; knowing exactly what you want it to say when you get it drawn up will help immensely.
You should each have an attorney; not a shared one. This is simply to make sure an enforceable agreement is reached.
A Valid Prenup
Honesty is important when it comes to creating a valid prenuptial agreement and it's important that both parties include all of their assets; not just some. Of course, the contract can become null or tossed by a judge if it's determined that one person hid assets from the other.
Your agreement will need to be signed by both you and your partner well before the wedding arrives. This is why we encourage you to bring it up early on in the relationship.
Adhering to Proper Legal Procedures
You will want to make sure that you follow all the legal procedures to a ‘T' when it comes to your prenup. Your attorney will help ensure this goes smoothly and that every thing is done correctly.
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