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When Do You Need a Prenupital Agreement?

By: Kirk Staley, Fri Oct 13th, 2006 06:57:35 PM

When Do You Need a Prenuptial Agreement?

Introduction

If you watch television or movies on the big screen, you at least have some familiarity with the concept of a prenuptial agreement. In this regard, you may not know precisely what is involved in a prenuptial agreement.

In this article, you are provided with some basic information pertaining to prenuptial agreements. In addition, you will be presented some points to ponder to determine if a prenuptial agreement is correct for your personal situation.

What is a Prenuptial Agreement

A prenuptial agreement is a contract, a binding contract, that is entered into by two people who are contemplating marriage. Although the content of a typical prenuptial agreement can vary extensively, such a contract commonly includes for the division or property or assets as well as for spousal or other types of support should the marriage ever end up in divorce.

Points to Ponder: When Do You Need a Prenup?

There are some specific considerations that you need to take into account as you contemplate whether or not you should have a prenuptial agreement. These include:

Perhaps the primary factor that you need to take into consideration when contemplating the possibility of a prenuptial agreement is a review of your assets. If you have a significant number of assets and expect the value of your assets to increase during the course and term of your marriage you will want a prenup. This particularly is the case if there is a notable or significant disparity between your wealth and the wealth of your intended. If your potential spouse has a lower net worth than you do, you will want to give serious consideration to a prenup.

You will also want to pay attention to your projected income. If your income will far outstrip that of your potential spouse, you will want to consider very seriously entering into a prenup before you are wed.

Regardless of any disparity in wealth and assets and income between yourself and your intended, if you have children from a prior relationships, once again you will want to consider seriously entering into a prenuptial agreement. A prenuptial agreement in such a situation can be absolutely vital in protecting the interests of your children.

If you are the owner of a business, you will want to consider executing a prenuptial agreement before you marry. Indeed, if you share an interest in a business with other individuals, these men or women may insist that you enter into a prenup or some other agreement to protect the ownership interest in the business itself.

Consulting a Lawyer

If you are contemplating marriage and have an interest in obtaining a prenuptial agreement, you will want to consult with an attorney. When it comes to seeking an attorney to assist you in the matter of a prenuptial agreement, there are some considerations that you will want to keep in mind in selecting such legal counsel:

The experience of the lawyer. When it comes to drafting a prenuptial agreement, you must keep in mind that it is a very complicated contract. It must be well drafted in order for it to hold up in the long run. Thus, it is very important that you engage the services of a lawyer who has a good deal of experience in dealing with prenuptial agreements.

Get references. Once you identify a few lawyers who have written prenuptial agreements and who appear capable of meeting your legal needs, you will want to obtain references. Because a prenuptial agreement is such serious business, you will want to make certain that you do select a lawyer that has a solid track record in this area of the law.

Interview a potential lawyer. Before you sign on the dotted line and retain an attorney, take the time to interview that possible lawyer. You can ascertain a good deal about a lawyer by meeting with him or her in person. Conduct this meeting at the attorney’s office. You can sum up a good deal more about an attorney and his or her practice by taking a look at and around his office.

By following these tips, you will be able to identify and retain a lawyer who will best be able to assist you in drafting a strong prenuptial agreement.

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