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Prenuptial agreements are not just for the rich and famous

Many engaged couples wrongly assume that the only people who benefit from prenuptial agreements are the rich and famous. The opposite is actually the case.

Imagine a young business owner, who just started his company and has yet to churn a profit. Now, imagine the son of a billionaire oil magnate who is about to receive his inheritance. Which do you think would have the greater need for a prenuptial agreement? If you said the son of the billionaire, you'd be wrong.

Inheritances - which are automatically classified as individual property in divorce proceedings - don't need to be protected from the asset division process. Businesses, on the other hand, could be subject to division during a divorce. As you can see, the young business owner might benefit more from a prenuptial agreement than the son of the billionaire. All that said, the billionaire's son probably should speak with his future spouse about setting up a prenuptial agreement too - just to be safe.

In reality, all engaged couples should consider the benefits of setting up a prenuptial agreement in advance of the day they say "I do." Considering how common divorce is these days - and considering the fact that even the most loving couples can change and grow with time - there's no reason that anyone should skip the responsible act of creating a prenuptial agreement.

Your prenuptial agreement is a "disaster plan" that you put in place so that - in the unlikely event that you or your spouse decide to terminate your marriage - some of the most difficult aspects of your divorce process will be preplanned and decided beforehand. This will, in the end, make your divorce easier, faster and cheaper, should it ever become necessary to dissolve your marital relationship.

Source: Forbes, "Those Who Are Most In Need Of A Prenup May Surprise You," Alyssa Mower, accessed June 01, 2018

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