A prenuptial agreement used to be a topic that wasn’t commonly talked about and one that could cause angst and high emotion between soon-to-be-spouses. A common misconception is that you only need a prenuptial agreement in place if you’re wealthy. But thanks to millennials, a prenuptial agreement is becoming more commonplace and less of a taboo subject.
Also known as a prenup, a prenuptial agreement is a legal document that outlines a couple’s financial situation and expectations prior to their marriage and in the event of a divorce. It’s not often at the top of the wedding to-do list, but more and more, couples are looking at them like an insurance policy to minimize risk and harm and protect their assets.
Who needs a prenuptial agreement?
It’s more common for young adults to get married at an older age and have more assets when they do so. Both spouses are working and contributing to a marriage, so they look at a prenup as mutual protection. A marriage is a relationship, but it’s also a legal contract, and a prenuptial agreement can protect it like one.
A prenup isn’t just for those with high assets. It can also benefit those who might:
- Own a business.
- Have assets or property.
- Have a discrepancy between incomes or wealth.
- Have significant debt.
- Have children or owe spousal support from a previous marriage.
Marital property division in Ohio
In Ohio, marital property is divided equitably, but not always equally. Anything acquired during the marriage is considered martial property and subject to a property division decision unless it’s specifically excluded in a prenuptial agreement prior to the marriage. Since close to 50 percent of all marriages in the United States end in divorce, there’s no guarantee your relationship will last. it’s a good idea to protect what’s important to you.
In addition to safeguarding your money, a prenuptial agreement will make your financial intentions transparent and help to ease tension between you regarding money.