Do I need a prenuptial agreement?

Prenuptial agreements were once thought only necessary for wealthy persons but today offer many benefits to virtually any couple.

Georgia residents who are dating and considering marriage whether for the first time or a subsequent time should give serious consideration to creating a prenuptial agreement. There once was a time when such a contract was considered necessary only by the rich and famous but that is no longer the case. Today’s marital contracts offer benefits to virtually any couple.

Second marriages and estate planning

Bankrate explains that for people who have been married at least once before and who have children from a prior marriage or relationship, a prenuptial agreement can be an essential form of protecting assets and heirs . Without clear direction, assets may be lost to a spouse when one person dies instead of flowing to biological children. This may raise many issues that are avoidable with proper planning.

Another concern for remarried couples is providing for the long term care of each other. If one person dies, a prenup may be able to outline what happens to remaining assets so that the surviving spouse’s health care or long term care needs may be provided for by any remaining assets.

Promoting healthy communication in marriages

According to Time Money, the discussions that are prompted by the creation of a prenuptial agreement may well be good for the health of a marriage. This is because couples are forced to confront their financial management styles and even to discuss how they handle money on a daily basis, not just in the event of a divorce or a death. This may well help to prevent against some of the common financial challenges that married couples face.

Business protections as well as personal protections

When one or both partners in a relationship has an interest in a business, a prenup may be able to help maintain a separateness between personal and business assets. If a couple eventually does get a divorce, the prenup may protect the business and help to avoid it from being lost or damaged in the process.

Proper creation of a prenup is essential

Prenuptial agreements can be powerful and helpful tools but the creation of them should not be rushed. Talking with an attorney in Georgia who has experience in drafting prenups is recommended for anyone interested in these types of contracts. For example, if both parties do not fully disclose their assets and financial situations, a prenup may eventually be declared invalid. Legal input may help people guard against this situation.