Most people are familiar with what a prenuptial agreement is. It is an agreement between signed between two people prior to getting married that deal with the financial consequences should the marriage potentially end. But have you ever heard of an antenuptial agreement? If you have, you may be wondering what the difference is between the two. In essence, they are the same thing. Antenuptial is just another term used in the legal world.
If you are getting married and considering a prenuptial agreement, we have compiled a few reasons why a prenup might be right for you:
- Your wealth is greater than that of your fiancé. A prenuptial agreement helps to ensure that your partner is not marrying you just for your money.
- You make more money than your fiancé. A prenuptial can be used to limit the amount of alimony if the marriage should dissolve.
- You are remarrying and have financial and legal concerns that you want to protect. For example, if you have children from a previous marriage, financial support obligations, or have significant assets such as a home, you will want to make sure that your assets are distributed according to your wishes and that none of your heirs are left out should you pass away.
- Your fiancé has significant debt that you do not want to be responsible for.
- You own part of a business. A prenuptial agreement can ensure that your spouse does not end up as an unwanted partner in that business.
- You want to protect certain assets in your estate plan, such as a family heirloom that you want to remain in your family.
- You plan to quit your job to raise children, which can negatively impact your income and wealth. A prenuptial agreement can ensure that both partners are responsible for taking care of the financial needs required when raising children.
Most people don’t realize that just by entering into a marriage, you automatically have a prenuptial agreement of sorts in place. This kind of agreement is known as divorce law. But, because divorce can be sticky business, a prenuptial agreement might be the way to go if you want to make sure you are in control as opposed to leaving it up to the courts.
At May, Potenza, Baran & Gillespie, our family law attorneys can counsel you on the best course of action for you prior to getting married. There are a number of options that may be worth exploring.
For more information on a prenuptial agreement, please contact us at (602) 252-1900.
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