You may feel like many others in Colorado when news breaks of a celebrity divorce. While the divorce itself may not be shocking, the revelation that the couple had not signed a prenuptial agreement often causes heads to shake, especially if one or both celebrities has gone through costly divorces before.
While you may take for granted that a Hollywood star would sign a prenuptial agreement, if your spouse-to-be recently suggested a premarital contract for the two of you, the question may have taken you aback. Nevertheless, the benefits such agreements provide are not limited to the rich and famous. Your intended may have very good reasons for seeking the protection of a prenup.
A prenup isn't a deal-breaker
Some superstars never seem to learn, losing millions of dollars to a string of exes and diving into the next marriage without a net. This may be a mistake your intended does not want to make. While many see a prenuptial agreement as planning ahead to withhold assets from a spouse in case of divorce, the benefits of such contracts go much deeper. Your intended may be seeking a prenuptial agreement for any of the following reasons:
- Your beloved was previously married and suffered a financial setback because of the divorce.
- Your partner has property or assets from before your relationship and wants to keep them separate from marital property.
- Your loved one owns a business and wants to protect it from any financial troubles in the marriage.
- You or your spouse are expecting an inheritance and want to maintain individual ownership of it.
- Your spouse-to-be has children from a previous relationship and wants to protect their interests in his or her estate.
In fact, in many cases, if something happens to your spouse, you inherit the estate. The next heirs of that estate will be your children, not the children of your spouse's previous relationship. A prenuptial agreement is often the best way to provide for those children since most state laws default to the current spouse when estates are in question.
Without a doubt, you will want to keep in mind that a prenuptial agreement is a legal contract. Therefore, advisors recommend that you take your time considering the implications. In other words, signing the agreement the morning of your wedding is not recommended. Neither is it wise to put your signature to a contract after you have had a couple of glasses of wine or very little sleep.