When two adults fall in love and decide to marry, they often set the ball rolling for the big day. From the wedding dress to the gift registry, bridesmaids, honeymoon, where you are going to live and the number of children you want to have, there is so much to talk about during the engagement period. And this is understandable.
The truth, however, is that not all marriages last a lifetime. And this explains why more and more couples are signing prenuptial agreements to safeguard their interests in the unfortunate event of a divorce. But is this right for you?
Understanding the basics of a prenuptial agreement
First of all, it’s important to know what a prenuptial agreement is as well as the implications of signing one. A prenup is a legal contract that a couple can use to set some parameters on their marriage and – if necessary – their divorce.
Signing a prenup before tying the knot can be highly sensible under the following circumstances:
- When one party is coming into the marriage with substantial wealth: If your marriage ends, your property may be subjected to equitable division per Kentucky property vision laws. If you want to protect the assets you bring into your marriage from division, a prenup can help carve out exceptions to the usual split.
- When one party is deeply in debt at the time of the marriage: Debts, just like assets, are subjected to equitable division during divorce. Signing a prenup can leave you free from any debt that your spouse might have acquired before marriage.
- When one or both parties have children from a previous relationship: Signing a prenup before marriage ensures that your children from the previous relationship’s financial interests are safeguarded in the event of a divorce.
Protecting your interests
Only you and your soon-to-be spouse can decide whether you need to sign the prenup based on the specifics of your relationship. That being said, learning more about prenups and related marital laws can help you protect your rights and interests.