When you meet and marry the love of your life, you hope that you will live happily ever after. At times though, things don’t go according to plan. This has led to an increasing number of couples signing prenuptial agreements before they get married.
A prenuptial agreement — or prenup — is a contract that couples sign before they are married that details how financial matters should be handled if they later go through a divorce. And if you write it right, a prenup can clarify your financial rights and protect your hard-earned assets if things don’t plan out. But first, is a prenup for you?
Here are three scenarios where signing a prenup might be a wise choice.
When you have big money assets (A lot you can’t lose)
It’s not unusual to enter into marriage with a sizeable amount of assets. If so, entering into a prenup agreement before you marry would be a very wise move. Otherwise, you would have a hard time distinguishing what you brought into the marriage from what you obtained during the marriage. This would mean that everything might be subject to division under Ohio’s equitable property laws.
When your partner is deep in debt
Debt division, like asset division, can be a highly disputed issue during a divorce. You shouldn’t be liable for such debt if a divorce takes place if it was incurred before marriage. A prenup can delineate between marital debt and personal debt.
When you have an inheritance you believe is significant
Any inheritance received by one spouse is usually considered separate property. But if there is a large inheritance involved, you should sign a prenup to ensure that your inheritance remains separate property in a divorce.
We know that the idea of talking about divorce as you’re getting ready to marry may sound strange. Sadly, divorce is one of life’s depressing realities. Learn why smart legal advice is essential to creating a prenuptial agreement that will be honored for as long as your marriage last
