What is a Prenuptial Agreement and Who Needs It?

Aug 31, 2021 | Article

Prenuptial agreement sounds very demeaning because it is perceived incorrectly by society. A prenuptial agreement is nothing but a written contract that states the responsibilities of the soon-to-be-married couple and how their assets will be divided in case of a divorce. It is a wise decision as you have complete assurance about the financial security and liabilities that come with the marriage.

Who needs a prenuptial agreement?

Here are a few scenarios that demand a prenuptial agreement signed by both parties.

Remarriage couples

If one or both the parties have had one or more marriages before that have ended bitterly, a prenuptial agreement makes complete sense. A prenuptial agreement lets both the parties be aware of their rights and finances and states who will be entitled to what in case the marriage doesn’t work. Moreover, it also secures you financially as you are aware of your assets after the marriage.

Children from previous marriages

If it is seldom found that the children from previous marriages get the financial security as they earlier had with their actual parents. A prenuptial agreement can save their interests and guarantee financial stability in case their blood relation dies. It is observed that most remarriage couples tend to move on in case their spouse is no more and put the lives of children in jeopardy.

Wealthy couples

If one or both parties are significantly rich than their better half, a prenuptial agreement protects their wealth and riches from going beyond control. Many instances have showcased that a divorce can split the hard-earned wealth of one party in half while the other gets a stake in everything without any effort. Moreover, a prenuptial agreement sends a strong message that the couple is marrying only because they love each other and have no concern for the wealth associated with either of them.

Business owners

A prenuptial agreement can help protect the rights and assets of business owners who enter a marital contract. A business has many shareholders who need to be sure of the security of the assets in case the marriage goes south down the line. In such cases, a prenuptial agreement can define the terms of business acquisition and stakeholders and whether the spouse will get anything out of it.

A prenuptial agreement protects the rights of both the parties and states under which circumstances they are pledging their life with their better half.

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