You hope for a happy, healthy and long marriage, but know the unexpected may derail your desires. Creating a prenuptial agreement with your soon-to-be-spouse may help ease your shared and individual concerns, but do you know everything you should know about such agreements?
Northwestern Mutual offers insights on prenuptial agreements that may build your understanding of them. Learn how to make the most of a prenup while protecting yourself and your partner.
You do not need a lot of assets
Do not think you do not need a prenup because you have few assets. Such agreements offer financial protection and peace of mind for the lower-earning spouse. For instance, if you financially supported your spouse while she or he earned a degree or quit your job to raise a family, your prenup may stipulate you receive monetary support in the event of divorce.
You should proceed with professional help
Even if you have a simple prenuptial agreement, work with an experienced professional to draft the document rather than rely on software or programs that let you create your own prenup. You want every assurance that the agreement you create stands on its own if the time comes to enforce it in court. With the DIY approach, your document may have loopholes that strip it of its legal powers.
Your agreement may account for your lifestyle
Looking beyond finances, your prenup may stipulate which spouse gets the pet. Some documents even account for infidelity and spouses badmouthing each other during the divorce.
Use a prenup to set yourself up for success if your marriage does not work out. Hopefully, you and your partner never use it after creating it.