Is a Prenup Right for You?

Before marrying, individuals with significant wealth, property or assets may consider signing a prenup. The purpose of this is to protect those assets and wealth in the event that the couple decides to separate or divorce. It can also protect children from a previous marriage in the event that their mother or father passes away.

Unless otherwise specified, any belongings of an individual who passes away would go to their spouse. A prenup can ensure that an item or all possessions of the individual's choosing passes to his children or other family members. So, is a prenup right for you? There are many variables one should consider before determining whether to sign a prenup or not.

How Will It Affect Your Relationship?

Often times when one spouse brings up the subject of a prenup, the other spouse may get upset. This is because many view a prenup as a lack of trust between partners and this has the potential to cause some friction and resentment between the partners. You should consider the way that it's going to affect your relationship and determine the best way to approach your partner with a prenuptial agreement.

Often times, when a partner has in-depth information about prenuptial agreements explained to them, they will see it from a different point of view. It's much like having a savings account or life insurance to prepare for the future and guard against the unknown.

Your Family Situation

If you have children from a previous relationship, you should probably consider a prenuptial agreement. This is the best way for a parent to ensure that their children receive the assets and property you want them to have in the event of your death. It can also ensure that other family members receive your property or assets incase you pass away. If this is important to you, you should probably discuss it with your spouse and bring up the subject of a prenuptial agreement.

Factors to Consider

When an individual is determining whether a prenup is right for them, certain factors should be considered. This includes but is not limited to:

• The fact that a prenuptial agreement will protect the property, wealth and items you have accumulated before the partnership.
• The fact that a prenuptial agreement can help ensure that your children receive what you wish them to receive in the event of your death.
• The fact that a prenuptial agreement protects individuals of immense wealth against those who wish to get close to them for the wealth only.

By considering these factors, you can better determine if a prenup is right for you and your partner or not.