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Prenups Aren’t Just for the Wealthy

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In the past several years, the notion of a prenuptial agreement has changed. In the past, such a legal document was reserved for primarily the rich and famous. Nowadays, prenups are becoming more and more common. They have especially become normalized among millennials who are planning to walk down the aisle.

But why? Are millennials that rich? Do they really have that many assets? Not necessarily, but many are children of divorce. They have seen their parents struggle financially after splitting up and they don’t want that to happen to themselves. They want to protect what they’ve worked hard to earn.

But many people have their doubts. They still believe that they’re too poor for a prenup. Such a document is not necessary for them. However, things change. You could receive a hefty inheritance in a decade. You may start a booming business in a few years. You could have kids and have differing opinions on how to raise them. A prenup can protect you now and in the future, regardless of your financial situation.

Prenups Can Keep Finances Separate

Many want to keep finances separate, and that’s almost impossible once a couple gets married unless they have a prenuptial agreement in place. Many couples think they can keep their finances separate by using their own bank accounts, but what many don’t realize is that the moment they get married, any income earned is considered marital income. A prenup can outline how money is to be used in a marriage, but don’t just assume your separate account cannot be split in a divorce.

Prenups Can Act as an Insurance Policy 

You can get life insurance as well as insurance for your home and car, but not for your marriage. However, you need to think about what could happen in the future. There is a 50/50 chance that your marriage could end, so you need to get your assets in order even before you tie the knot. That’s where a prenup comes into play. You want to hope you’ll never have to use one, but you’ll be glad to have one if you do. 

Prenups Can Help Couples of All Income Levels

You don’t have to be a millionaire. Anyone can benefit from a prenuptial agreement. You may think you don’t have much, but a lot of people have more than they think. From stocks to bonds to retirement accounts to collections to heirlooms, many people have assets of value that can be split in a divorce. Marriage is a business and you want to do what you can to protect yourself. That includes getting a prenup.

Contact a Maryland Family Law Attorney Today 

A prenuptial agreement may seem unromantic, but many marriages end in divorce. Having this document can provide you with extra financial protection if your marriage should end.

The Columbia prenuptial & postnuptial agreement lawyers at the Law Offices of Todd K. Mohink, P.A. can help you create a prenuptial agreement that fits your needs. A marriage is a huge undertaking and we can address your concerns. Schedule a consultation today. Fill out the online form or call (410) 774-5987. We have two offices to serve you.

Resource:

businessinsider.com/personal-finance/reasons-considering-prenup-divorce-lawyers-2020-11

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