Why a Young Person Needs a PrenupJul 28, 2023
If you're young and getting married, you might thing you don't need a prenuptial agreement, or prenup. You don't have a high paying job or you don't have many assets. So you don't need to protect it with a prenup. Right? Wrong.
A prenup can be a good idea for a young person getting married for the first time because it can help protect their assets (even if they're small now) and financial interests (both now and in the future!) in the event of a divorce. It also can help set clear expectations and understandings about financial responsibilities and assets during the marriage.
Some things that you may want to include in a prenup:
- How property and assets will be divided in the event of a divorce
- Establishing separate property, which is property that each spouse owned before the marriage, and will be returned to them in the event of a divorce
- Each person's financial obligations during the marriage, such as how bills and expenses will be paid
- Providing for spousal support in the event of a divorce
- What will happen to any jointly owned business
It's important to note that prenups are only legally binding if they are voluntarily and knowingly signed, and if they are not considered to be unconscionable. It's also important to consult with a lawyer before creating a prenup. Laws differ from state to state, and it's important to ensure the prenuptial agreement will be legal and enforceable in the state where the couple resides.
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