The possibility of a divorce can be a very awkward subject when planning a wedding. Unfortunately, not all marriages last. If you have met the love of your life and resolved to tie the knot, it is important that you protect your rights and interests. And this is where a prenuptial agreement comes in.
At its very basic, a prenuptial agreement, or “prenup,” is a legal contract that you and your future spouse sign to define the terms of the divorce, should it happen. It can also help define financial decisions during the marriage.
Do you really need a prenup?
Everyone needs assurance that their interests will be protected while in marriage as well as in the event of a divorce. That said, a prenuptial agreement can be particularly helpful under the following circumstances:
1. You are coming into the marriage with significant assets
If you are coming into the marriage with a significant amount of assets, or if you are expecting a substantial inheritance, you need to sign a prenup to ensure that should the marriage collapse, the assets you brought into the marriage or inherited will remain exclusively yours.
2. Your future spouse is heavily in debt or has a tendency to overspend
The opposite of substantial wealth is, of course, immense debt. Just like marital assets, any debt that is acquired during the marriage must be subject to equitable distribution per Connecticut marital property laws. If your partner is heavily in debt, you need to protect yourself from their liabilities.
A prenup may not be the most romantic subject when planning a life with someone you love. However, learning more about Connecticut property division laws can help you appreciate the need for a prenup before tying the knot.