It’s wedding season. You can probably reach out an arm and touch someone who is planning the big day. Whether it is you, your child, a friend or a family member, the idea of a prenup should not be passed off as something only for the rich and famous; nor should it have the cruel stigma that has been associated with it. With divorce rates on the rise and the financial market unsteady, having a prenup in place can help save a marriage as much as it can ease a marriage breakup.
You may not realize it, but all marrying couples have a “prenuptial agreement” – it is known as “divorce law.” However, a lot of people are unhappy with the way divorce law works, and prefer to take control of their lives, rather than leave it in the hands of a Judge.
Here is a good checklist to help determine your needs:
• Do you plan to be a stay at home mom/dad? A prenuptial agreement can ensure that the financial burden of raising the children is shared fairly by both partners.
• Does your partner have a high debt load? If you are marrying someone with a significant debt load, and don’t want to be responsible for these debts if your marriage ends, then a prenuptial agreement can help ensure that this does not happen.
• Are you much wealthier than your partner? A prenuptial agreement can ensure that your partner is marrying you for who you are, and not for your money.
• Are you much poorer than your partner? Just as a prenuptial agreement can be used to protect a spouse who is well off, a prenup can also be used to ensure that the partner who is weaker financially is protected.
• Do you earn more than your partner? A prenuptial agreement can be used in many states to limit the amount of alimony that is payable.
• Are you remarrying? When you remarry, your legal and financial concerns are often very different than in your first marriage. You may have children from a previous marriage, support obligations, and own a home or other significant assets. A prenuptial agreement can ensure your assets are distributed according to your wishes.
Do you own a business or are in a business partnership? Without a prenuptial agreement, when your marriage ends, your spouse could end up owning a share of your business. Your business partners may not want this to happen.
Do you have an estate plan? A prenuptial agreement can ensure that your estate plan works, and, for instance, ensure that a specific heirloom remains in your family.
For more information please call the Law Office of Steven B. Chroman at 661-255-1800 or visit us at www.chromanlaw.com.