Who should get a prenup?
Prenups are no longer solely for the wealthy because even those with high student loans or children from a different relationship may benefit.
For many New York residents preparing for a wedding, a prenuptial agreement may not be on the radar. People may still see this agreement as something only the wealthy need to consider creating. According to CNBC.com, there has been a fivefold increase in the amount of prenups done across the country over the past two decades. This steady rise could be because more and more people are realizing that this type of legal agreement can benefit them even if they are not bringing a lot of assets into a relationship.
Those with student loans
While most people think of this contract as a way for wealthy people to protect themselves, a prenup can also protect those who have few assets. More and more people have high levels of student loans. This debt could end up getting split between a married couple even if it was accrued prior to the wedding. A prenuptial agreement, however, can stipulate that these debts are kept separate in the event of a divorce. Anyone who has high student loans themselves or plans to marry someone with a lot of debt may benefit from a legal document that explains what will happen to these outstanding loans in the case of a separation.
People with children
A person who has a child from a previous relationship may want to consider creating a prenuptial agreement prior to saying “I do” for the second time. In this case, a prenup can ensure that a child’s inheritance is not lost because of a marital separation with a new spouse. The contract can even go over the details of child support to ensure these responsibilities are met during and after the relationship.
Anyone with significant assets
People who have built up personal retirement funds, bought a house or inherited a family heirloom may want to write a prenuptial contract to ensure their impressive properties stay with them if the marriage should end. Marriage can often cause finances and belongings to be comingled, which can make it hard to split everything back up if the union does not last. Even if a person’s personal assets do not have a high monetary rate, he or she may still want to end up with it if a marriage dissolves. A legal contract can go over which assets will remain separate property even if they seem to be comingled during the relationship.
Not every person in New York needs to get a prenuptial agreement, but there is a wide range of people who would benefit. No matter the reason for wanting a prenup, anyone who wants to write up this legal document should work closely with a knowledgeable attorney.