Love is a wonderful thing. And when you meet the love of your life, all you want is to spend the rest of your life with them. However, one item on your wedding planning list that is barely romantic is signing the prenup. Basically, this is a legal document that separates marital property from personal property in the event of a divorce.
Done right, a prenup can ease the stress that comes with property division should things fail to work. But how do you know a preputial agreement is right for you? If any of the following applies to you and/or your soon-to-be spouse, then it’s in your best interest that you actively consider signing a prenup before walking down the aisle.
1. There is a considerable asset variation
If you are coming into the marriage with a significant amount of assets, you may want to sign a prenup to separate such assets from what you will generate with your spouse during the marriage. If you do not, then your assets might end up in the property division basket per North Carolina marital property laws.
Likewise, if your spouse is heavily in debt at the time of your marriage, signing a prenup will shield you from liabilities that you have nothing to do with should the marriage fail to work.
2. There are children from previous relationships
If you are coming into the marriage with children from the previous relationship, you need to protect their financial interests. While you may not address child support and child custody in the prenup, a prenuptial agreement can help you protect personal assets, which are your children’s inheritance, from division should you divorce.
Protecting your interests
A prenuptial agreement can help you protect your hard-earned assets should the marriage fail to work. Understanding the basics of North Carolina family and prenuptial agreement laws can help you create a prenup that will stand the test of time.