Three Things You Should Know About Prenups
Prenups are taboo, as many think signing one is a sure way to have your marriage end in doom and gloom. But these financial planning, legal documents are helpful to couples in many ways. Here’s what you should know about prenups:
- What exactly is a prenup and why is it important?
A prenuptial agreement is an agreement made between soon-to-be spouses before their wedding vows are exchanged. Prenups protect the individuals in the case of divorce. Without a prenup, state law may determine who receives which marital property—like money, the house, the car, etc. But with a prenup, you determine the division of assets to fit your specific needs. Prenups help make the divorce process go much smoother (and faster) and may help you save money in the long run.
- They’re not just for the rich and famous.
There’s a common misconception that prenups are only for the wealthy and A-list celebrities, but your ordinary couple can benefit from signing a prenup.Think about your assets and what you’re bringing into the marriage: family vacation homes, businesses, children, debt. For example, did you and your spouse meet in college? Prenups can protect you from having to pay back your spouse’s college loans and being stuck with a large amount of additional debt. Regardless of your situation, prenups are an important tool in protecting yourself in the event of a divorce.
- Can you do a DIY prenup to save money?
In short, it’s not recommended. While a DIY prenup can be beneficial to you and your spouse, ensure you’re both on the same page regarding debt, division of property, etc…prenups are difficult to enforce unless it’s written by an attorney. While you don’t want to do a DIY prenup, if you’re looking save money, there are other ways we can help you while pursuing this legal document.
At Schulz Stephenson Law, we can help you plan for your future and decide whether a prenup is right for you. Contact us today to arrange a consultation and learn more about how we can help!