As wedding season approaches, you may be wondering whether a pre-nup, or pre-marital agreement, is necessary or right for you. A pre-marital agreement can provide many benefits, such as protecting your separate property, supporting your estate plan, and establishing rules for deciding future matters during marriage and handling issues such as spousal support and property division should you later divorce.
When considering whether a pre-marital agreement is right for you and your fiancé, consider the following questions. If you and/or your fiancé answers yes to any of the following questions, you may benefit from a pre-marital agreement.
- Do you own any real estate?
- Do you own more than $50,000 worth of assets other than real estate?
- Do you own all or part of a business?
- Do you currently earn a salary of more than $100,000 per year?
- Have you earned more than one year’s worth of retirement benefits or do you have other valuable employment benefits, such as profit sharing or stock options?
- Does one of you plan to pursue an advanced degree while the other works?
- Will all or part of your estate go to someone other than your spouse?
If you would like to discuss the benefits and procedural requirements of a pre-marital agreement, please contact Lonich & Patton, LLP for a free 30 minute consultation. Consider issues that you may want to address in your pre-marital agreement, such as separate property identification, decisions about how you will handle money and property while you are married, whether spousal support (alimony) will be paid or waived in the event of divorce, retirement benefit agreements, and agreements about how you want to leave property at your death.