Planning to marry can be one of the most exciting times in the lives of a Kentucky couple. In the midst of making wedding and honeymoon plans, you may not be able to fathom what could happen if your marriage ends at some point in the future. No one wants to think about divorce before they even walk down the aisle, but preparing for a contingency is a prudent step for most adults planning to marry.
You likely associate prenuptial agreements with the rich and famous. While these marital contracts are especially beneficial for those with wealth and valuable assets, they can provide benefits for average income individuals who simply want to protect themselves. Creating a prenup is not planning for your marriage to fail. It is simply a prudent step you can take to ensure you are able to look to the future with confidence.
Benefits and potential drawbacks of a prenup
While beneficial for many, a prenuptial agreement is not for everyone. Before you make a final decision regarding drafting this type of contract, it may be helpful to consider the potential benefits it can provide you. These include:
- It can protect the financial interests of children you had before this upcoming marriage.
- It allows a couple to decide how to divide marital property in case of divorce, eliminating the need for litigation.
- It can protect one spouse from leaving the marriage with an unfair amount of marital debt.
- It can limit the amount of spousal support one may have to pay.
There are specific limits to what a prenup can do. You cannot make definitive decisions regarding financial support in this type of contract, nor can one include terms that are unreasonable or unfair. Depending on the terms, signing a prenup may include giving up inheritance rights, or a right to a share of the increased value of a home or business.
Is it for you?
Every situation is different, and you can custom-tailor your prenup to suit your individual needs and objectives. It may be in your interests to have an assessment of your specific financial situation in order to understand how a prenup could benefit you and what you should include to ensure your agreement will protect you and your soon-to-be spouse.