There are a lot of misconceptions when it comes to prenuptial agreements. One of which is that this option is reserved only for the wealthy or that it is for the sole purpose of protecting one spouse’s assets from another. And often, the idea of drafting a prenup is shunned. And while some things can be taken care of in the preparation of your Riverside Estate Planning documents, there are actually plenty of situations when a prenup may be more appropriate. It can become necessary including the following circumstances.
Consider a prenup when you have a child from a previous marriage.
One of the situations where drafting a prenup makes a lot of sense is when you have separated or divorced before with a child to take care of from the previous marriage. It is your responsibility to make sure your child is taken care of not just by considering the child’s welfare in the process of Riverside Estate Planning but also with protecting a portion of your assets via a prenup.
A prenup can protect you from each other’s debt.
Another situation where a prenup is beneficial to both spouses is in the case of debt. To avoid a shared marital debt or leaving your spouse burdened with the responsibility of paying it off, a prenup must be prepared.
Prenup serves to protect individual assets before marriage.
Whether you are your future spouse have managed to acquire a large amount of asset before the marriage, own a business or expecting to receive a family heirloom, a prenup can protect such an asset from becoming a shared property. It is also protected from being shared or fought over in case of a divorce.
Prenuptial agreements are always recognized for its negative implications such as foreseeing a divorce ahead when the marriage is just about to begin. While it may be viewed in such respect, it can also be perceived as a tool for practicality. Nothing is certain in life and it can be your way of preparing for the worst that can happen should it happen.
In fact, it can save both spouses from ugly legal battles about distribution and division of properties as a prenup can also determine how shared assets or properties acquired during the marriage shall be dealt with. In this case, it can even help with a clearer arrangement between spouses. So, this is definitely another thing you should seriously consider and focus on in addition to Riverside Estate Planning.