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Who should get a prenuptial agreement?

The common misconception continues to be that only the rich need a prenuptial agreement. But it's important to look at it from a different perspective. While a millionaire's fortunes may seem extremely important to safeguard, they may be just as important as the $70,000 you worked hard to save for the last 20 years.

Besides a retirement fund, you may also have assets such as a home or stocks that you want to safeguard. It may become even more important if you own your own business or plan to inherit money from a family member.

Speaking of family members, they can play a large role in your decision to get a prenuptial agreement. If this is your second or third marriage, you may have children from a previous marriage. It may be important for you to set aside money for them and their future children. Beyond that, you may have an elderly parent to consider. If you have plans to set aside funds to take care of them, a prenuptial agreement may be beneficial.

Another consideration is future income. You may currently be putting in years toward a medical degree, which will likely bring a large increase in income in the future. Similarly, you may have recently started a company that could have huge potential. A prenuptial agreement can definitely help you protect future income from these endeavors.

In our next post, we will discuss some tips when it comes to preparing a prenuptial agreement. The benefits of such an agreement could be diminished if it is not done correctly.

Source: Bankrate, "Everything you need to know about prenuptial agreements," accessed Aug. 20, 2014 

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