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Prenuptial agreements not just for super wealthy

Couples planning weddings in Missouri and across the nation are excited about making a declaration to the world that they are planning to spend the rest of their lives together. Because many people assume that prenuptial agreements are mainly for very wealthy couples who could face a high asset divorce, most couples never consider whether they may benefit from having a prenuptial agreement. It is often difficult for couples to discuss a prenuptial agreement because it forces them to consider the possibility of their union ending; however, individuals in certain financial situations could find that the benefits of a prenuptial agreement could make it worth the awkward conversation.

Individuals who are getting married later in life have often accrued a significant number of assets that it would be difficult to part with in the unfortunate event that their marriage did not work out. Entrepreneurs with established businesses could also find it beneficial to protect their enterprise by using a prenuptial agreement to ensure that business assets remain with them in the event of a break up.

For people who have been married before, or who have kids from a previous relationship, prenuptial agreements are much more common because they have already experienced a divorce and know how messy property division and child custody issues can be. Prenuptial agreements are also more common for marriages where one of the parties has inherited or will inherit a large sum of money.

Getting married is a big milestone that can mean a change in personal and professional priorities. Family law and divorce attorneys may assist individuals facing major life changes such as marriage to create strategies to protect their individual and joint interests.

Source: CNBC, "How to Know If You Need a Prenup", Kelley Holland, June 18, 2013