A prenuptial agreement is a legal agreement between two individuals which covers the financial implications of their marriage ending, according to an Austin Family Lawyer. It is important that a prenuptial agreement is in place before the wedding to protect both sides should they divorce. There are a number of reasons why you should have a prenuptial agreement.
You Own Part Of A Business
If you own part of a business and divorce without a prenuptial agreement your ex-partner will be entitled to a share of your business. You and any business partners will not want this to happen as your ex-spouse could become an unwanted partner in your business. This can lead to a number of problems particularly if your divorce was not amicable.
You Plan To Quit Your Job To Raise Your Children
Quitting your job to look after your children places you in a delicate situation should the marriage fail. Having a prenuptial agreement can ensure that the financial burden of raising the children is shared between both parents. There are many cases where people have found themselves in a very bad position during divorce talks because they have stopped work to look after the children and do not have an agreement protecting them.
Your Spouse Has A High Debt Load
If you spouse has a lot of debt you do not want to be liable for this should your marriage end. A prenuptial agreement can ensure that any debt which comes before the marriage will remain your partner’s problem when you get divorced. People who have married without a prenuptial agreement can find themselves liable for half of the debt that their partner entered the marriage with.
There are many reasons why you need to have a prenuptial agreement in place when you get married. You could be protecting your wealth or ensuring that you are not left with debt your partner had before the marriage.