Prenuptial agreements (or prenups) are somewhat controversial. These legal documents aren’t for every couple. In fact, getting a prenup might not be as common as you think. Many don’t understand how getting one can be beneficial. They might even believe you need to be wealthy to get one.
However, that’s not true. Prenups aren’t just for people with multiple assets and properties. Here are some reasons why you might consider getting one before saying ‘I do.’
Protect your business and career growth
If you own a business or have a promising career, a prenup can protect your business and future earnings. In North Carolina, property acquired during the marriage is subject to equitable distribution in a divorce. This means it is divided fairly, but not always equally. Without a prenup, your spouse may get part of your business or a portion of your future income.
This can be true even if they didn’t help build the business or contribute to your career. A prenup lets you clearly say what will remain your separate property, so your hard work remains yours.
Shield yourself from your partner’s debts
Today, many people start their marriages with debt, often from student loans or credit cards. A prenup can protect you from becoming responsible for your spouse’s premarital debts if you get divorced.
This is important in North Carolina, where debts acquired during the marriage are generally divided fairly between both people. A prenup can help you avoid surprises about debt later on.
Simplify the divorce process, just in case
Nobody enters a marriage expecting it to end. However, things happen and not all couples make it to the finish line. A prenup can make the divorce process easier by addressing the division of property between spouses and whether one spouse will pay support (alimony) to the other.
If the marriage doesn’t work out, this can save time, money and stress. In the state of North Carolina, divorce can be complicated and take a long time, so having these decisions made beforehand can be very helpful.