In the headlines of the gossip pages, you often read about celebrities getting married deciding to sign a prenuptial agreement. This is thought to be the best way to protect the millions of dollars that one celebrity may bring into the relationship in case they get a divorce. However although they are very common with celebrities and the wealthy, they are not just a tool for those better off. The common man can benefit from a prenup just as much as the wealthy can.
Protect From Debt
The most obvious way that a prenup can serve the common man is by protecting him from debt. For example, if a woman is getting ready to marry a man that has a large amount of credit card or education debt, she can ask for a prenup. This way, if they get divorced, she won’t ever be held responsible for this debt.
Protect Business Assets
Another common scenario in which a prenup agreement may be used is when a family business is involved. For instance, if two brothers started a business and one of them gets married, a prenup may need to be signed. This way, if they get a divorce, the wife will not get a portion of the business that she didn’t help create.
Protecting Family Assets
Many people hire a family solicitor to help when a family has substantial assets. For example, if a family is wealthy, but one of their children gets married, a prenup may be in order. This way, if a divorce occurs, the outside spouse will not be able to go after the assets of the family itself.
Regain Earning Power
In some cases, a prenuptial agreement is signed so that a spouse can get back on their feet again after a marriage dissolves. For instance, imagine that a wife was going to quit her job after marriage so that she could raise children. If a divorce occurred that woman would then have to get back out into the workforce. With a prenup the husband would then have to give her a certain amount of money to help her until she can find a job.
Overall, the prenuptial agreement can be conservative and play different roles when two people get married. It can sometimes lead to distrust from the beginning, but adults should realize that not everything works out. It’s better to be safe than sorry.