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Most everyone has heard of
using a prenuptial agreement to protect personal assets.
In fact, prenuptial agreements are often created to decide
how current and future monetary assets, the home, and
other property will be split between the two parties in
the event of a divorce. Prenuptial agreements are not,
however, always about the two people getting married.
Often, they are also about other important people in the
lives of the engaged couple, as well.
With approximately 1/3 of
first time marriages ending in divorce, and 50% of
subsequent marriages ending in the same fashion, it is
becoming increasingly common for one or both parties to
already children from a previous marriage. Therefore, a
prenuptial agreement is an important way to protect the
children who will inevitably become involved in the
marriage.
One issue that should be
addressed in a prenuptial agreement is: who will inherit
the couple's money if both should die? Another important
concern to consider and address in a prenuptial agreement
is: how will the biological children of one party be
affected if that person should die? In other words, if
Bill has two kids and he marries Lorie, what will happen
to Bill's kids if he should die? Will Lorie continue to
provide for them? Or, will they be left to fend for
themselves? Of course, no parent wants the latter for his
children.
A step-parent has no legal
obligation to care for children after the death of the
spouse. Therefore, a prenuptial agreement can ensure that
the children of the biological parent are still cared for
after the parent's death. Issues such as inheritance and
life insurance, and who the beneficiaries are of both,
should be included within the prenuptial agreement.
Therefore, a person with children who is getting married
should consider a prenuptial agreement in order to secure
a strong future for the children.
Children are not the only
people who can be affected by a divorce. Other family
members and business partners can be, as well. If Beth
owns a family business, which has been passed down for
generations in her family, she can protect the family
business with a prenuptial agreement. Since a prenuptial
agreement has to be fair to all parties, Beth will most
likely need to "give" something in return in the
prenuptial agreement. The peace of mind knowing that the
family business will remain in tact, and stay within the
family, is well worth the trade off.
In a similar fashion,
business partners can be protected with a prenuptial
agreement. If Tom and Scott have worked over the past five
years to create a successful business, and Tom is about to
get married, the business and its assets can be protected
by the prenuptial agreement. This not only protects Tom,
but it protects Scott, as well. Without a prenuptial
agreement, Tom and Scott's business could potentially be
torn apart by a divorce.
A prenuptial agreement can
also help protect the parents of one of the partners who
are about to get married. For example, if Cindy has
parents who are ill and need to be cared for, Cindy could
have it included in her prenuptial agreement that her
parents can live with the married couple to be cared for.
Similarly, she could have it included in the prenuptial
agreement that the couple agrees to pay for care for
Cindy's parents in a residential nursing facility.
Prenuptial agreements may
not seem "romantic," but they are a realistic
part of marriage. Creating a prenuptial agreement forces
couples to look at potential problematic areas beforehand
and come up with solutions that work for both parties.
Prenuptial agreements also help ensure the financial
security of both people who are about to get married and,
more importantly, they help protect the ones they love.
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About
The Author Hannibal
Whitestone makes it easy to find out if a
prenuptial agreement makes sense for you.
Visit Prenuptial
Agreement Info today and get the
facts... because you're worth a lot more
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