Happy Valentine’s Day! According to some recent studies, roughly 40% of engagements happen between Thanksgiving and Valentine’s Day. Now that engagement season is coming to a close, it’s time for those of you who are planning a wedding to think about getting a prenuptial agreement.
Prenuptial agreements (or premarital agreements, or “prenups”) may not be romantic, but they are practical and will grant both parties peace of mind. If you were to develop a business during a marriage then a prenup (which can be altered at any time after marriage, so long as both parties agree) would protect you from potentially having your business divided if you were ever faced with divorce. It can also provide a financial security plan for those partners who plan to give up their careers to focus on raising children. Some people even go so far as to include terms for during the marriage in a prenup, but a prenup can be as detailed as the creators desire it to be.
For those of you who think you don’t need a prenup because you don’t currently own anything, you will eventually own something worth protecting, whether it’s a business idea or a pet. Don’t rely on state divorce laws when you can create your own terms. If you think a prenup is only going to be valid in the state you draft it in, you’d be surprised how enforceable contracts are across state lines.
No one wants to plan for divorce, but it’s better to be prepared and not need it than to find yourself in a situation where you wish you had written out some protections. If you have an estate plan prepared for if something happens to you, then you know that making plans for if something happens to your relationship is just as important.
Thanks for reading. We wish you all a happy Valentine’s Day!
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