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Prenuptial agreements, not just for the very wealthy

When a couple decides to marry, there are a number of things that must be considered and decided. While aspects related to a wedding and honeymoon are often top of mind for many engaged couples, the question of whether or not to obtain a prenuptial agreement is perhaps one of the most important of all pre-marital decisions.

Many assume prenuptial agreements are only important for the very wealthy. In actuality, there are a number of factors, including income, which may influence whether or not a couple decides to obtain a prenuptial agreement prior to walking down the aisle. For example, in cases where one or both individuals were married and have children, a prenuptial agreement may serve as a way to absolve a new spouse of financial responsibility such as child support as well as protect the financial security of a child.

Other examples of why a couple may opt for a prenuptial agreement include if one or both individuals has a stake in a family business or stands to inherit a large amount of money. Even in cases where an individual is of fairly modest means, a prenuptial agreement serves to protect any and all assets an individual brings to a marriage including a home or property.

While there are many reasons why it makes sense to have a prenuptial agreement, broaching the topic with a betrothed may be a source of stress and conflict. However, for those individuals or couples contemplating a prenuptial agreement, a change in perspective is often needed. The decision to marry is one of the most important and life-altering of all decisions. In cases where a marriage ends in divorce, an individual may face financial ruin.

It makes sense, therefore, to have a contract that helps provide clear directives related to personal assets. For Minnesota couples who are planning to marry and interested in learning more about the benefits of a prenuptial agreement, it's wise to consult with an attorney who can provide advice and assistance in ensuring such a contract meets the needs of both individuals.   

Source: The Huffington Post, "Unpacking Prenuptial Agreements," Caroline Choi, Feb. 4, 2014

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