In the past, most people thought of a prenuptial agreement as something that only mattered to wealthy people. When you make millions of dollars every year, and you meet the love of your life, you want to make sure that person does not take half of more of what you have worked for if you divorce. But a prenup agreement can be important for all kinds of people, from nearly all walks of life. You do not need to be wealthy to benefit from the protections it can provide.
A Prenuptial Agreement to Protect From Debt
One of the biggest reasons that younger people are creating prenups today is to protect themselves from the American system of collecting debt. In many states, the debts of one spouse become the responsibility of both spouses when those debts are incurred during the marriage. Take the recent New Yorker article example of TJ and Sandy, who were both divorced when they met and fell in love. They moved in together and built a good life for a few years, and then TJ was diagnosed with terminal cancer.
He wanted to marry Sandy before he died, but there was just one problem: he would accumulate tens of thousands of dollars of medical debt from his treatment and, without a prenuptial agreement, Sandy would be responsible for it after TJ was gone. So TJ and Sandy went to an attorney and created a solid prenup agreement. It specifically specified that any property owned or debts incurred by either spouse belonged solely to that spouse. Sandy never paid a dime of TJ’s medical debt.
Young People Are Seeing the Value of a Prenup Agreement
Younger people in all income brackets are starting to see how important it is to have a prenup in today’s modern society. Years ago, when it was mostly men who were bringing in the majority of the income, a prenup wasn’t seen as necessary or appropriate. But things have changed a lot in a short period of time, and today’s couples are often both earning income. In some cases, the future wife out-earns her future husband. She may also have an inheritance, trust fund, investments, or other wealth of her own.
In instances like what happened with TJ and Sandy, who were both in their 40s at the time of TJ’s diagnosis and death, it is not about love conquering all. Instead, it is about making practical choices to protect loved ones. A prenuptial agreement is not “unromantic,” as there is nothing more romantic and caring than taking the necessary steps to make sure the person you love will be protected from debt and other unfortunate financial consequences. They should want the same for their partner, as well.
Do you need a prenup agreement, or do you have questions about whether one would be right for your situation? Are you considering one, to protect yourself or your future spouse from marital debt concerns? Contact us today at The McKinney Law Group for information about prenuptial agreement options.
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If you have questions about a prenup agreement or a postnup agreement or require legal assistance in other areas of Family Law you may always contact Damien McKinney of The McKinney Law Group to discuss your case further. He can be reached by phone at 813-428-3400 or by e-mail at [email protected].
We now offer virtual prenuptial agreements. Contact us to inquire further about our virtual prenup option.