One of the most controversial topics that often arises as nuptials approach is the protection contract called a prenuptial agreement. Although it can be an uncomfortable subject to approach, prenups are a truly essential step that should be a part of every engagement.
The fact of the matter is that everyone needs a prenup. Although they are often thought of as being a contract only needed by the rich and famous, the truth is that they are equally important for those that don't have many assets.
Here's why:
- If you have assets prior to your marriage, you need to ensure that they will be protected in the event of a divorce.
- Protect family estates. Although you may not currently have much, you could stand to inherit a great deal from a family member's estate. If you stand to potentially gain any inheritance in the future, make sure that you get a prenup to protect it.
- You may have windfall or make more than anticipated. If you should win the lottery or land a new high-paying position one day and you don't have a prenup, you could find yourself in the midst of a nasty divorce in which you lose half or more of all your money.
- Unplanned children. In many cases children are not planned. However, you should still plan for the possibility within your prenuptial agreement.
A prenup is a very serious document that deserves the expertise of a family law attorney. Attempting to execute your own contract without consulting a lawyer could leave you vulnerable in the event of a divorce.
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