A prenup, also known as a prenuptial agreement, is a contract that is entered into by 2 people before they get married. Included in this agreement are such things as spousal support and how the property will be divided in case of divorce.
Some of the benefits to a prenup include:
1. You will want to make sure that any parents, siblings or children from a previous marriage whom you are caring for are protected.
2. Whenever you are in a partnership with someone else and together you own an asset that you want to protect a prenup is in order. This is also important if you own your own business, especially one whose accounting books you don't want to have brought up in a divorce. By writing up a prenup you will be able to keep your spouse from owning a portion of this business in the event of a divorce.
3. There are a lot of spouses who make more money than their partners and have thus been able to purchase a home, property, vehicle or other high priced property before the marriage that they want to protect.
4. It is possible to address any joint investments that may be made within the marriage via a prenup.
5. For those who are still working on a degree when they get married, a prenup will keep you from having to pay your spouse for its intangible value.
6. A lot of people also like the fact that you will not have to pay a divorce lawyer if you have a prenup in place.
On the other hand, there are also some disadvantages. To begin with, you must understand that while marriage is a financial partnership you do not want to get off on the wrong foot by discussing property and finances too soon. This may just mean that the timing is wrong because these issues will come up sooner or later. Discussing a prenup simply forces you to have this discussion now instead of putting it off. Look at your state laws though, you may be protected enough that you won't need a prenup anyway.
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