A prenuptial agreement may seem like the least romantic thing when you are planning your wedding. After all, you are getting married for better and for worse – and “until death do you part.” However, adding a prenup agreement to your pre-marriage to-do list can be an important contingency measure should things fail to work out.
Basically, a prenup is a binding contract between soon-to-marry couples that separates personal assets from marital assets in the event of a divorce. So, is the prenup agreement right for you?
Here are two instances when you should strongly consider signing a prenup before tying the knot:
Your soon-to-be spouse is heavily indebted
If your marriage ends in a divorce, assets are not the only thing that will be up for division in accordance with Tennessee’s marital property laws. All debts acquired by both parties during the marriage will also be subjected to equitable division.
If your spouse is coming into the marriage with a substantial amount of debt, signing a prenup will protect you from assuming paying debts that you are not responsible for.
Your soon-to-be spouse is a spendthrift
Having a partner who is a spendthrift can lead to a troublesome marriage that can eventually end in a divorce. If you decide to marry someone whose spending behavior is much different than your own, you may want to protect your interests.
For this, you need to draft a prenuptial agreement. A prenup contract can accord you a considerable degree of protection if your spouse accumulates debts that did not contribute to the betterment of the marriage in any way.
The idea of discussing the end of a marriage before it legally starts may seem unappealing. However, a prenuptial agreement can be a powerful way of taking control of your finances and future.