Prenuptial agreements are not an easy topic to discuss with a future spouse; however it’s important not to forget that marriage also constitutes a legal contract. In the unfortunate event of a divorce, it will potentially be up to a judge, who doesn’t know you or your family, to decide how shared assets and debt are divided. In this blog post we have highlighted several things to consider when deciding whether or not a prenuptial agreement is the right decision.
- Income Differences – A substantial difference in income between the two parties is often a common reason for considering a premarital agreement.
- Property Ownership – Property owned by a spouse prior to marriage could become jointly owned through marriage if not properly protected in a Prenuptial Agreement.
- Children from A Prior Marriage – There may be children from a prior marriage that need to be financially taken care of in the future.
- Financial Debt – Debt owed prior to the marriage by one party can become a shared responsibility through marriage. If there is a substantial amount of debt by one spouse, then it may be a good decision to address this issue before marriage.
At Butler & Allen, P.A. we have experience helping families plan for their future financial security. For more information about how we can help your family too, contact our MN Family Law Firm today.