Why Get A Prenuptial Agreement?
A prenuptial agreement is a legal tool that states the parties’ responsibilities and rights regarding spousal support and division of property at the dissolution of marriage. At the time of divorce, parties who do not have a prenuptial agreement are completely subject to the laws of the state. Think of it similar to having a will. People have wills because they want to decide how their property will be distributed upon death and people get prenuptial agreements because they want to decide how their property will be distributed if they get divorced.
Further, a prenuptial agreement promotes financial planning. Each party must disclose their finances or risk a future invalidation of the agreement. The mandatory disclosure makes couples think about how much money they have, need and want. Otherwise, these matters may never be discussed.
Prenuptials should be considered by anyone who has substantial assets, is on their 2nd marriage, or if both parties have kids that plan to go to college. A little planning now will make life easier down the road.