No matter how many or how few assets you have, a prenuptial agreement can benefit you. Essentially, this document helps protect your personal assets as you enter a marriage. It outlines how the property will be distributed if a divorce occurs and what kind of financial support may be offered to a spouse.
Although many individuals feel discussing a prenup is a bad way to start a marriage, a lot of us know from experience or from hearing the stories of other individuals that a prenuptial agreement can be extremely helpful in the end. While it may seem as though a prenup only benefits the high-earning spouse, that is not the case. A prenuptial agreement can also outline the exact conditions related to spousal support. That way an individual knows they will have financial security if the marriage ends.
A recent example we can all learn from involves Johnny Depp. His wife of only 15 months has filed for divorce. The two did not have a prenuptial agreement in place. She has already asked for spousal support. Although the marriage was short, there will still have to be an agreement made in terms of splitting the assets attained during the marriage.
Depp may choose to settle out of court in order to keep his personal business private. A lot of these complex issues could have been outlined in a prenuptial agreement and would have likely saved Depp considerable (to avoid phrase repetition) time and stress as he goes through this difficult process in the public eye.
His case is a strong example of the potential benefits of a prenuptial agreement. It’s also important to consider that you can still make this type of agreement even after you have already tied the knot. In these situations, you would work with a family law attorney to draft a postnuptial agreement. While the process of putting together such an agreement may seem stressful, it could actually strengthen your marriage in the long run.
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