A premarital agreement is a very important legal agreement that can provide you with significant protections in the event that your marriage ends. Despite what some may believe about premarital agreements, these contractual agreements are not just for wealthy people or for people with a lot of money or assets. Many couples who are getting married in Mankato Minnesota could benefit from negotiating and signing a premarital agreement before they wed.
Who Needs a Premarital Agreement in Mankato Minnesota
There are certain situations where it is extremely important for you to have a premarital agreement negotiated and signed before you get married. You should make sure you have a premarital agreement if:
- One or both of you has children from a prior relationship.
- One or both of you has significant non-marital assets that you are bringing into the relationship and wish to protect.
- It is likely that one or both spouses is going to inherit a significant amount of money during the marriage.
- One or both spouses has an ownership stake in a family business, owns or operates his own business, or plans to start a business.
- You expect to earn a professional license or open a professional practice over the course of your marriage.
- One or both spouses is entering into the marriage with significant amounts of debt.
- There is a significant income disparity or disparity in earning potential between the two spouses.
A premarital agreement is important in these situations to protect your property, income and assets. Without a clear agreement regarding who owns a family business, for example, you could end up having disputes about business valuation, having to buy your spouse out of your business, or running a business after your divorce with a spouse that you no longer get along with. Likewise, if you do not protect your future income by limiting the amount of spousal support that your spouse is entitled to, then you could end up with a large alimony obligation.
By taking care of these issues before you go into a marriage, you don’t have to worry about the financial implications of divorce. However, these are not the only situations where a premarital agreement may make sense. The fact is, during a marriage, almost every couple is going to acquire some assets together. When you get a divorce, if you cannot agree on issues of support or asset division, you could end up with a costly and stressful divorce. If you have an agreement in place already that you reached before marriage when you were still getting along, the divorce process will be simpler, easier and less stressful for everyone involved.
Contact Kohlmeyer Hagen
If you believe you may need a premarital agreement, it is a good idea to speak with a qualified and experienced divorce and family law professional for assistance in creating an agreement that the court will enforce if your marriage ends. Meet with the family law attorneys at Kohlmeyer Hagen Law Offices.