When Is a Prenuptial Agreement a Good Idea?

Divorce is common and brings with it a host of problems — some of which can be avoided by entering into a prenuptial agreement. Many couples do not want to think about the possibility that a marriage can terminate and then do not obtain a prenup that could offer critical protection, just in case.

However, prenuptial agreements are more and more prevalent across all socio-economic groups. A prenuptial agreement is a practical approach to protect assets acquired in the past and after the marriage. In the event things do not work out, a well-drafted prenup can help avoid a contentious split and costly litigation.

So when might a prenuptial agreement be a good idea? Consider the following questions in making a determination about whether a prenuptial agreement might be right for you:

• Do you have significant assets that you are concerned about keeping if your marriage does not survive?
• Do you or your new partner have tax, alimony or child support obligations?
• Is this your first marriage or are you remarrying?
• Do you want to protect the assets of children from a prior marriage?
• Do you have a financially dependent parent or parents?
• Do you own a business?
• Do you have a professional practice or partnership?
• Is there any property in another state that could become the object of a dispute of ownership?
• Are there outstanding debts that you need to address before marriage?

With the guidance of a strong and knowledgeable legal advocate, you can craft a prenuptial agreement that protects your assets and actually helps your marriage thrive.