Reasons to Sign a Prenup Before Getting Married
21 May 2020 Legal Services
Getting to know some of the reasons to sign a prenup before getting married will help you decide if signing a prenup is in your best interests. The team of family lawyers from Linley Welwood can help you draft the ideal prenuptial agreement for you and your partner.
What is a Prenup?
A prenuptial marriage agreement, also known as a premarital agreement or prenup, is a kind of signed and binding contract that outlines how a couple will handle the financial aspects for marriage. A prenup works to establish the property and financial rights each spouse will have in the event of a divorce.
Reasons to Get a Prenup
Some of the reasons to sign a prenup before getting married include:
1. Forces You to Look at Your Finances
Since many divorces occur due to financial problems, a prenup can force both partners to look at and reveal their financial picture before getting married. This, in turn, will help create an open discussion about finance, allowing the couple to build a firmer foundation for marriage.
2. One of You Makes More Money
If you or your partner brings in more income, signing a prenup will allow both of you to agree ahead of time how the money will be split. Couples will also be able to agree ahead of time on the amount, duration, and type of alimony that will be paid to the partner who brings in less income.
3. One of You Owns a Business
Owning a business before getting married is reason enough for getting a prenup. Without a prenup, the person who owns the business may find themselves forced to give up their entire business or a portion of it to their ex-spouse.
4. You Want to Have Kids
While it is not uncommon for one partner to stop working outside the home in order to focus on raising kids, many stay-at-home parents can find it difficult to jump back into working after a divorce. By signing a prenuptial agreement, you can determine ahead of time what kind of child support the custodial parent will receive until the children reach the age of 18.
If you would like to learn more reasons to sign a prenup before getting married, or if you are interested in their legal services for family law cases, please contact Linley Welwood at 604-850-6640 or by filling out a contact form on their website.