The Importance of Getting a Prenup

Obtaining a prenup may not sound like the most romantic idea once there’s a ring on the finger, but it is vitally important in today’s world. With a prenuptial agreement in place, a couple will protect their current and future financial assets. If you have family money that has been passed down through generations, getting a prenup is the best way to protect that money from being lost on someone who marries into the family and then gets divorced. A number of financial experts recommend getting prenuptial agreements no matter how rich you are, as they are built for everyone – not just the rich and famous.

Expensive Divorces

Many people have heard the divorce stories of the rich and famous. Individuals with high amounts of fame are often vulnerable to expensive divorces as their soon-to-be-ex tries to exploit their celebrity status and take all of their hard-earned money. Mel Gibson is one of many celebrities that did not have a prenuptial agreement when he and his wife Robyn divorced after 28 years of marriage. His assets were estimated around $900 million, and under California law, those assets must be split evenly. This meant he ended up sending $450 million to his ex-wife. Alec Baldwin is no stranger to marital troubles, and he refused a prenup when he married Kim Basinger in 1993. Their bitter split ended up with a drawn-out custody battle and an undisclosed settlement. Other celebs to have expensive divorces include Jennifer Lopez, who gave $14 million to Chris Judd, Rosanne Barr and Tom Arnold for a cost of $50 million, and Madonna and Guy Ritchie, who parted with $76 – $92 million.

Examine Your Wealth

No matter how rich or poor you are, it helps to examine your wealth and know where you stand. You need to determine if you are wealthier than your partner, and decide on a prenup to protect those assets. If you have a lot of wealth, a prenup helps to prove the person is marrying you for you and not your money. Writing a prenup is a great way to discuss your finances with your partner. It helps each partner to clearly understand their financial responsibilities in the relationship.

Discussing Property

When you contact a divorce attorney to discuss getting a prenup, make sure you include information about your property. It is easy for property to become mixed up during a marriage, and you can end up losing valuable assets in a divorce. The prenuptial agreement will clearly show which assets are to remain separate, or which will go to the children in the event of a divorce.

Simplify Your Life

Obtaining a prenuptial agreement is a great way to simplify things. You and your soon to be spouse both have a clear understanding of your roles in the relationship and what you are responsible for. Since 50% of marriages end in divorce, getting a prenup is a simple way for both of you to be protected. If you are not new to marriage, you will want to protect yourself during the second or possibly third marriage. If you have children from a previous marriage, a prenuptial agreement is the best way to make sure your assets will be given to your children. This can prevent children from becoming upset when their parents remarry as the new spouse is not a financial threat to them. Talk to your attorney today to discuss the options available for a prenuptial agreement.

This article was written on behalf of Chernoff Law, your number one choice when looking for a reliable family attorney in Houston. Check out their website today and see how they can help you!