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Why might you need a prenuptial agreement?

Getting married is an exciting time. Love can cloud your senses and make you forget about important aspects, such as your finances. But one way to ensure you do not put your financial situation at risk once you marry is to create a prenuptial agreement.

This document will protect you and your future spouse. It provides a way for you both to define your financial situation and set expectations for your marriage. But you may wonder if you need a prenuptial agreement. There are a variety of reasons to consider one.

Business ownership

If you own a business, you need to protect it through a prenuptial agreement. In the event of a divorce, your spouse will usually have a claim on the business. But if you create an agreement that solidifies your ownership, you can avoid the headaches if a divorce happens.

Previous relationships

If you have children from a prior relationship or other financial obligations remaining from a previous marriage, a prenuptial agreement can help you. You will be able to look out for your children and also ensure previous obligations do not impact your future spouse. You can also plan ahead in the event of a divorce to help lessen the burden it could have on your finances due to these other responsibilities.

Complicated finances

If you or your future spouse has a complicated financial situation, a prenuptial agreement can help iron out those issues. For example, excessive debt or a future inheritance is something to address in a prenuptial agreement.

While this type of arrangement may be off putting to some people because it is looking ahead to the end of the marriage, that is not worth ignoring when you need a prenuptial agreement.