James R. Schaffer, P.A.

Who needs a prenuptial agreement?

| May 3, 2018 | Prenuptial Agreements |

While no couple actually needs a prenuptial agreement to satisfy the requirements of the state’s marriage statute, many couples can benefit from having these important documents in place prior to formalizing their relationships through marriage. To that end, any couple, from the very rich to those of modest means, may benefit from signing a prenuptial agreement before entering into a marital union.

This is because a prenup can create and provide security regarding individuals’ financial expectations and needs during and after the marriages, if a divorce occurs. For example, if a person was previously married and wants to protect some of their wealth for their children of their first marriage, they may be able to use their prenup as a means of establishing with their new spouse their expectations for sharing their money with their kids.

Additionally, a person may protect their future financial interests through a prenuptial agreement. A party may be able to negotiate into a prenup their need and expectation for alimony in the event that their marriage ends in divorce. While prenuptial agreements are excellent legal tools for sorting out money and property matters, they cannot be used to work out in advance any matters related to the custody or support of the parties’ children.

While one could say that no one needs a prenup, there are actually too many benefits to these useful contracts for individuals to disregard them. A party may wish to contact their family law attorney to better understand how a prenuptial agreement could serve them during and after their marriage.