In today’s day and age, prenuptial agreements are no longer reserved simply for the rich and famous. Depending on your situation, it may be very beneficial for you to investigate this contractual vehicle before you actually get married.
As a simple definition, a “Prenup” or premarital agreement is a contract that is agreed upon before someone enters into a marriage or civil union. While the traditional image of someone who needs a premarital agreement is someone who is filthy rich and marrying a spouse that is 25 years younger (sounds like true love, huh?), this is not necessary the case for getting a prenup nowadays.
There are two main reasons why a prenup may be right for you and your future spouse. Most obviously, one or both of the individuals entering into the marriage or civil union have a large amount of assets. In this case, each spouse wants to protect what he or she brings into the marriage. Why both parties intend for the marriage to be successful, it is often wise for people in this case to protect their assets.
The second reason someone would want to get a premarital agreement is because the future spouse wishes to pass on specific property to their children from a first marriage. Additionally, you could use a prenup to protect yourself from your fiancÃ©’s debts or wish to prevent financial disagreements if, for some reason, your marriage turns south.
While prenups may sound like a cure all, they really are not. For instance, a premarital agreement can not affect child support or decide who will get custody of the children. These decisions will be made solely (and in our opinion, rightfully) by the court system.
Due to the litigious nature of premarital agreements, and more specifically, divorces, we highly recommend you seek out a lawyer to craft it. Failure to do so, can very easily lead to a court nullifying your prenuptial agreement.
Tom Jenkins owns the Dayton Lawyer Guide. This free website provides a wealth of information on the various aspects of law (such as prenuptial agreements in Dayton, Ohio. If you need a Attorney in Dayton, please take the time to visit our website.