Though couples preparing to tie the knot often see the marriage as a romantic endeavor, it should be known to both spouses that it will likely be a financial one as well. This means combining finances and using each other’s money to purchase a home, make payments on a car and relieve any debts created on credit cards, to name a few things.
In most cases, one spouse will enter the marriage with more money than the other. If a divorce occurs and this person has contributed more to the marriage, they risk losing more of their premarital assets during the division of property. This is why Connecticut couples should be aware of the prenuptial agreement, a document that can protect such belongings from being divided in a way that they do not desire.
Many have heard the term and think it is for wealthy couples and high-powered business owners. This is not the case. For instance, what about the everyday business owner? Many of these people are not well-off and have invested most of their personal wealth into their companies, making them the largest assets they own. If one of these individuals gets married and does not choose to file a prenup protecting the business, her or his spouse may become an owner of the business if divorce occurs.
Imagine running a business with someone who just divorced you. The amount of complications that can arise from such a situation are innumerable and the effects that those issues may have on the business are immeasurable until the situation happens.
Even if you do not own a business, a prenup may be right for your marriage. If you have any valuable assets that you do not want to see in the hands of your spouse if a divorce happens, be sure to consider the protections that a prenuptial agreement can provide.