Why Prenups Are Not Just for Rich People
When most people think about a prenuptial agreement, they think about asset protection. When you have no assets, it is only natural to ignore this idea. But marriage agreements are not only something rich people should consider. There are many reasons to consider this option, even if you don’t have a lot of capital.
Planning attorney Ann-Margaret Carrozza tells LearnVest:
Very often people with significant incomes request a prenuptial agreement. But it can also be useful to a partner with less assets, because people often quit their jobs or move before marriage, and a prenuptial agreement can ensure their financial well-being in the event of a breakup.
They explain that if you quit your job, for example, to take care of children, it may be difficult for you to find a stable income in the event of a divorce. The marriage contract specifies the financial support you will receive from your spouse. Another example is paying for your partner’s training. If you divorce, your ex-spouse will have an advanced degree and, ideally, earnings potential. In addition, prenuptial agreements can also help indicate who owns any debts incurred during the marriage in the event of a divorce .
Whatever the scenario, it is obvious that a prenuptial agreement is something that you should consider on your own, depending on your situation. But the point is, it’s worth thinking about, even if you’re not rich. For more information on the topic, check out LearnVest’s full post.
9 Things You Are Shy To Ask About Prenups | LearnVest