If you are planning to marry soon and will be bringing a large amount of assets into the marriage, you may want to consider a prenuptial agreement. While this may not be a romantic thing to discuss with your partner, it can be necessary in many situations in order to protect yourself. The following are some things you should think about when considering a prenuptial agreement:

The Need to Protect Pre-Marital Property

If you have a lot of property that is worth a lot of money, including homes, retirement accounts, and land, you can benefit from a prenuptial agreement. In the event the marriage ends, you will still have some recourse as to your assets. The prenuptial agreement will state who owns what both before and during the marriage so that all parties are made as whole as possible.

Responsibility for Spouse's Financial Burdens

If you are getting married to someone who has a troubled financial history, keep in mind that you can possibly be held responsible for his or her debt after marriage. This is particularly true in community-property states. If your partner defaults on a debt, the creditors can come to you for payment. A prenuptial agreement can help prevent this from occurring. In your agreement, you will needed to state that any property that you want to protect, including cash, is your own separate property. This will prevent the creditors from touching your assets to settle your spouse's debt.

Personal Assets and Child-Support Issues

A prenuptial agreement has a variety of benefits after a marriage ends, but it can also be beneficial during a marriage in certain situations. There are many states that will require fluctuations in child-support payments if one parent remarries and has an increase in wealth when the combined household income increases. Your spouse's payments could increase due to your added income. If you are living in a state in which such rules would take effect, a prenuptial agreement would prevent the former spouse from trying to get to your money if your spouse misses a payment or has other problems with child support.

If you have significant assets that you want to protect in the event your marriage becomes a financial liability, be sure to discuss your options with your family attorney. A prenuptial agreement can save you both time and headaches down the road in your marriage in the event that your union does not last.  

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