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Three reasons to have a Prenup

No one gets married with divorce in mind. When we decide to settle down with someone, we are usually thinking it is for life. However, the reality of the situation is that divorce is always a possibility. Divorce doesn't have to be someone's fault. Sometimes there are simply irreconcilable differences that cannot be worked out.

This is why it is important to have a prenuptial agreement. Having a prenup is not just for people with a vast amount of wealth, like celebrities, but for regular people who want to protect themselves financially in case of divorce. Here are three reasons why you may want a prenup.

This is you or your spouse's second marriage

If you or your potential spouse has been married before, a prenup can make the financial responsibilities much more clear, especially if there are children involved. The prenup can make sure that financial assets, like savings accounts for college, are protected in case of a divorce. Not only that, it can also protect you from debts that might have occurred in your future spouse's previous marriage. You don't want to pay for things that have nothing to do with you.

You own a business

Getting a divorce when you own a business can be devastating. It will absolutely cut into your ability to manage your business finances, especially if your divorce results in you having to give a significant chunk of money to your former spouse. Even if you started the business years ago, before the marriage, your spouse can still claim a portion of it through divorce proceedings. Using a prenup, you may be able to exclude certain items from the divorce.

You have concerns about debt

When you are married, you tend to share a lot of your assets as a couple: the house, the cars, etc. So if you get divorced, these assets are usually divided up. However, this holds true for debts as well. So if you are married and one of you decides to go to college and take out student loans, this debt can be a part of the divorce proceedings as well. Putting together a good prenup can allow you to say which debts will be shared.

You don't buy car insurance with the intention of getting into a car wreck, just like you don't have a prenup with the intention of getting a divorce. It is a means of protecting your finances, like insurance. Contact an attorney before you get married to get your prenup today.

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