You’re getting married, and that’s a beautiful thing. But at the law office of Chad Bank, Esq., we understand that marriage isn’t just about love – it’s about two people who are merging their respective assets together. And, because of the “business” nature of marriage, there is the need for prenuptial agreements to be signed before you enter the union. While it’s not necessary for every marriage to have prenuptial agreements in place, there are some circumstances that call for prenuptial agreements to be in place. At the law office of Chad Bank, Esq., we can help you decide if prenuptial agreements are necessary for your marital union, and how they can help you if, indeed, it’s advised that you have these agreements in place.
When do you need prenuptial agreements?
There are some instances where prenuptial agreements are essential prior to getting married.
There’s an imbalance of wealth
In some marriages, one partner is wealthier than the other – and sometimes, significantly so. If you are wealthier than your soon-to-be spouse, the only way you will be able to protect your assets is by signing prenuptial agreements.
You make a significant salary
There’s a difference between simply being wealthy (wherein you come into the marriage with a lot of financial investments, including real estate and mutual funds) and making a significant salary (wherein you have a big paycheck that comes every two weeks, independent of any investments or wealth). In the latter case, a significant salary can mean that you must pay your spouse a significant amount of alimony in the event you divorce, especially if you don’t have prenuptial agreements in place. For that reason, it’s essential to sign a prenup if you make a significant salary.
This isn’t your first marriage
When two people get married for the second – or even the third – time, they usually come into the relationship with a wide variety of “baggage” that includes ex-spouses and children. In cases, such as these, the spouse usually must financially provide such things as alimony and child support (if the children are minor children). While this is admirable and legally responsible – this also puts the children that are produced because of the second marriage in a disadvantageous position. For this reason, it’s essential to have prenuptial agreements in place, especially in the case of a second (or third) marriage.
Your soon-to-be spouse has a high debt load
This is the “for better or worse” part of the marriage agreement – when you marry someone, you not only assume some of their financial benefits, you will also assume some of their financial debts. This means that if your soon-to-be spouse has bad credit thanks to identity theft, or excessive student loans, or any other form of debt that makes them all but financially insolvent, you will – in some way – be responsible. To prevent this from happening, it’s essential to have iron-clad prenuptial agreements in place so that their debt problem doesn’t become your debt problem.
You have a vested interest in a business
When it comes to business matters, the law views any investments you may have as part and parcel of the “marriage package,” which means that, in the event of a divorce, your partner could own half – or more – of your business. If you have business partners, they may not be happy with this arrangement (in fact, it’s almost certain that they won’t be). So, to prevent this sort of potential financial disaster from happening, it’s essential to put prenuptial agreements in place to protect both your interests and your business partners’ interests, in the business.
You plan on being a stay-at-home parent
In some cases, one of the spouses who previously was a breadwinner of sorts will want to stay home and raise the children produced because of this marriage. While this is a great thing to do if you can afford to do it, it also puts the “stay at home” spouse in a financially disadvantageous position – the spouse will give up his/her salary to stay home with the children. This means that the working parent, by law, must provide for both the spouse and the children in question. Without the appropriate prenuptial agreements in place, the financial responsibility of the children will be unequally distributed.
Ready to get married? Contact Chad Bank, Esq., today!
At the law office of Chad Bank, Esq., we understand that no two people have the same needs when it comes to their prenuptial agreements, so we work directly with you to make sure that all your needs and concerns are addressed in your individual agreements. We are pleased to offer a free, no obligation consultation to you so that we can address your specific, unique plan for your prenuptial agreements. For more information on how Chad Bank, Esq., can help you with your prenuptial agreements, contact us today.