Premarital Agreements Only for the Wealthy?
A lot of people think that premarital agreements or prenuptial agreements are only for the wealthy. That’s not necessarily true. Obviously you want to protect whatever wealth you have accumulated prior to marriage, but it’s also about what’s acquired during the marriage, which is what’s important to protect as you go through the process of marriage. A lot of people feel that a premarital agreement is setting the marriage up for failure. That’s not the case either. You’re protecting your spouse from debts that may accrue during the marriage. So it’s a protection both for assets and liabilities, which a lot of people don’t understand. I would encourage everyone that is getting married, that it is smart business sense to get a premarital agreement so that you spell out the terms of what occurs in the event of a dissolution of marriage, it also protects somewhat, as it relates to what happens if your spouse dies, and how that property is also characterized. Of course now you are getting into the probate end of it, and whether or not you have a Will, which is recommended that all married couples have a Will. I recommend that everyone have a premarital agreement.