A prenuptial or premarital agreement is a contract created by two people who are about to get married. It includes all the properties that both parties own and specifically states what their property rights will be after getting married.
Now, who needs a prenup? You may have seen in movies that its usually the rich who does prenups or on the news where celebrities sign agreements that they don’t share their properties. While prenups are used to protect the wealthy fiancé’s assets, there are several more reasons that some people might want a prenup:
- It helps clarify financial rights. Couples with or without children can clarify their financial rights and responsibilities during marriage. This can help avoid complications in the future.
- You can pass separate property to children before marriage. A couple with children before marriage can use a prenup to manage their properties and determine what will happen to their properties when they die.
- You can get protection from debts. Prenups can help couples get protection from each other’s debts. Prenups can also help address other financial issues.
- It can help avoid arguments in case of a divorce. Prenups can help avoid potential arguments by specifying how their property will be divided.
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