Considering a Prenup? Here’s What You Need to Know

Prenup

Prenups are very controversial both within the legal world and outside. Prenups have been made famous by the Hollywood elite and the world’s wealthiest people with often controversial details of their prenups being made public across various media platforms. This has allowed everyday people a glimpse into custody battles, asset division, and million-dollar alimony settlements or child support payments. These days, the idea of prenuptial agreements is popular not only among the world’s elite but also among everyday people who wonder if they should get one as well. The topic is often a bone of contention among couples with some questioning the benefits and some swearing by them. If you are considering a prenuptial agreement, take the following factors into consideration: 

1. Pre-existing assets and liabilities: This is one of the biggest factors to be considered with regard to prenups. One of the reasons why prenups are popular among the elite is because they help to protect pre-existing assets and wealth in the event of divorce and separation and the most popular divorce stories among the elite often involve disputes over assets. If you are a person with significant wealth, assets currently or expect to come into wealth or assets in the future, it might be a good idea to look into a prenuptial agreement. This is not only limited to assets but to liabilities as well as in some parts of the world, a spouse could become legally liable for the debt owed by the other spouse. If you have significant debt or your future spouse does, it might be a good idea to look into a prenup. 

2. Children and dependents: Prenuptial agreements, in many cases, do not only deal with financial issues but can also touch on child and dependent custody agreements. In some cases, future child support and child custody arrangements are stipulated in a prenuptial agreement and can help to reduce conflict in the event of divorce. Furthermore, the division of assets between children, relatives, and stepchildren in the event of the death of an individual in a mixed family situation can also be taken care of ahead of time. If your partner or you have children and wish to clarify certain legal issues before getting married a prenup might be a good idea. 

3. Future decision making: Celebrity prenups are often reported to feature interesting clauses such as weight gain, infidelity and where the family will live. Even if you do not have millions of dollars and worldwide fame at stake, a prenup could act as an avenue for discussion to be held about major family decisions such as one party taking time off work, time spent with parents and so on. 

4. Legal counsel: Regardless of personal opinion, you should always consult a legal professional and get their advice before you consider a prenup. Many law firms offer consultations for this purpose and can help you make the right decision.

Prenup or no prenup? Take a look at some of the factors to consider above before you make your decision.