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Do you need a prenuptial agreement?

On Behalf of | Jan 14, 2025 | Family Law

No one gets married with the plan to be divorced one day. You may believe that you do not need a prenuptial agreement or view a prenuptial agreement as a sign that you are giving up on your marriage before it gets started.

This is not true. A prenuptial agreement is not a statement on the strength of your marriage. It is a smart financial strategy that can protect you in the future.

The basics

A prenuptial agreement is a contract addressing how to divide property and debts in a divorce. You can also include terms about alimony or spousal support in a prenuptial agreement.

Not all issues can legally be covered in a prenuptial agreement. Child support is an example of something that a prenuptial agreement cannot address. A spouse cannot waive away their right to receive or pay child support through a prenuptial agreement.

Benefits of a prenuptial agreement

Discussing and drafting a prenuptial agreement forces you and your spouse to have honest conversations about money.

Your discussions about your prenuptial agreement help you learn how compatible you are – or aren’t – when it comes to finances. It gives you an opportunity to talk about long-term financial goals and enter your marriage with peace of mind knowing you are on the same page.

Protecting your property

A prenuptial agreement allows you to label marital and separate property. This is an advantage if you have property that you are worried about losing in a divorce.

Inheritance and gifts are examples of property typically considered separate in a divorce. If you have an inheritance sitting in a separate bank account, your prenuptial agreement can specify that this is separate property and not subject to division in a divorce.

Freeing you from taking on your spouse’s debts

A prenuptial agreement also addresses debts. You can include terms specifying that one spouse keeps certain debts or is not responsible for specific debts that accumulate during the marriage through no fault of their own, such as gambling debts.

There are also some downsides to a prenuptial agreement. Before deciding if a prenuptial agreement is right for you, discuss your goals and plans with someone you can trust.