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7 reasons to have a prenup (even if you aren’t a millionaire)

There is a common misconception that legal tools like prenuptial agreements are reserved for millionaires and celebrities.

In reality, though, prenups can protect people from all walks of life, whether you are young or old and whether you live an affluent or modest lifestyle. Below are seven reasons why you may want to consider having a prenuptial agreement, even if you aren’t a millionaire.

  1. You have children from a previous marriage. Protecting inheritance rights is a common reason why people with children get a prenup.
  2. You have separate property to protect. This might include real estate, valuable collections and other property that you bought or accumulated before your marriage.
  3. You are part of a family business. Divorce can make dividing a family business painful and uncomfortable. You can protect your stake in a family business with a prenup.
  4. You are an inventor. In some cases, you can protect future inventions or creations as separate property with a prenuptial agreement. This can be valuable for people who write, invent, design or engage in other creative endeavors.
  5. You want to resolve issues like alimony peacefully. Divorce makes even the most innocuous issues combative; settling complex issues like alimony when you and your soon-to-be spouse are both interested in each other’s well-being can be a way to preserve the peace.
  6. You and/or your partner have student loan debt. Prenups don’t just protect property; they can also protect one spouse from taking on the other person’s premarital debt. This is one reason why more millennials are getting prenups.

You want to lay your financial cards on the table. Documenting assets and financial decisions in a prenup can be uncomfortable, but it can also ensure both people are on the same page and have full financial disclosure before getting married.

Whatever reasons you may have for protecting yourself with a prenup, it is crucial that the document you ultimately create is valid and enforceable. If it isn’t, then you could face additional legal headaches stemming from challenges in the future. To ensure this happens, and to get more information on your specific situation, you can consult an attorney.

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