What Is A Prenuptial Agreement And Why Should I Have One?

April 30, 2009 by Francina · Leave a Comment

If you’re engaged to be married the only thing on your mind is fulfilling a lifetime dream of living happily every after (which is still possible by the way!) Therefore asking what a prenuptial agreement is and should we have one is bound to kill the romance or rather just make it simmer and not boil for a little while. It has become very easy to arrange and you can even find prenuptial agreement forms online.

This is a definition of a prenuptial agreement according to Wikipedia:

“A prenuptial agreement, ante-nuptial agreement, or premarital agreement, commonly abbreviated to pre-nup or pre-nupt, is a contract entered into prior to marriage or civil union by the people intending to marry. The content of a prenuptial agreement can vary widely, but commonly includes provisions for division of property and spousal support in the event of divorce or breakup of marriage.”

According to legal and financial experts alike this is a smart move to make since one in three of first marriages end in divorce and 50% of second or third marriages as well. According to Nancy Dunnan, a New York financial advisor and author, marriage is not only an emotional and physical union but also a financial one. And you don’t have to be Donald Trump to qualify either.

If you fall into any of the following groups, you should consider having a prenuptial agreement:

• You have assets such as a home, stock or retirement funds
• Own all or part of a business
• You may be receiving an inheritance
• You have children and/or grandchildren from a previous marriage
• One of you is much wealthier than the other
• One of you will be supporting the other through college
• You have loved ones who need to be taken care of, such as elderly parents
• You have or are pursuing a degree or license in a potentially lucrative profession such as medicine
• You could see a big increase in income because your business is taking off, or that garage band you play in has just gotten a contract with a big record company.

Now that you know what a prenuptial agreement is, you can make an informed decision and even get the necessary prenuptial agreement forms online. At the moment it may not seem important but take some time, get it over with and rekindle that romance that must never fade away. Make this a priority.