Who Needs a Prenuptial Agreement?

Jan 13, 2011
Mary Rayme

Who needs a prenuptial agreement? - Earl53 on MorgueFile

A prenuptial agreement protects both parties in case of divorce. Under what circumstances should marrying couples consider a prenuptial agreement?

Some people may think that prenuptial agreements are too cynical because they allude to the possibility of divorce. A pre-nuptial or pre-marital agreement is a contract that two people sign agreeing to terms in the event of the breakup of the marriage. So who needs it and when should this be considered?

Previous Marriage and Divorce

If you have previously married and divorced, you know how messy the post-marriage situation can get. Many couples spend thousands of dollars on lawyers and divorce proceedings. If you want to get married but don’t even want to consider the hassle of a future divorce, the prenuptial agreement may be for you. Consider it a form of divorce insurance.

Assets and Wealth

If you both have large assets of cash and property you may want to consider the prenuptial agreement. This way there is no battle over who-owns-what and who-gets-what in the divorce settlement.

If one of you is the wealthy breadwinner and the other is poor, you may also want to consider having that agreement. In relationships where there is an inequity of assets, it is particularly important for the wealthier person to protect the property.

A Questionable Future

If you and your spouse-to-be both come from divorced families the chances of you getting a divorce raises from about 50% to about 75%. Planning ahead with a prenup makes a lot of sense in this case of double divorce backgrounds.

Whirlwind Wedding

If you have a quick courtship and decide to marry someone without knowing him or her very well, you might consider a pre-marital agreement. Of course, the irony here is that if you are impulsive enough to marry quickly, you will probably not consider planning ahead with a prenup.

Plan Ahead and Consider the Past in Planning the Future

If you like to plan ahead and have to have all of your proverbial ducks in a row, a pre-marital agreement is for you. Why not? Some people like to anticipate all future possibilities, some people do not.

If one or both of you have large issues in the past, you might want to consider it as well. Large issues might include drug addiction, a criminal record, a history of mental illness or an inability to hold a job.

Brady Bunch Family

If you are marrying and melding children from previous relationships, you may want to seriously consider a prenuptial agreement. Again, while it seems somewhat negative and fatalistic to plan for the worst while getting married, a prenup is sometimes an excellent way for couples to establish the ground rules in case they go their separate ways.