Going through a divorce is never easy, but it can be especially difficult when there are significant assets involved. A prenuptial agreement is an efficient tool for streamlining the divorce process while also protecting wealth in the process. Unfortunately, prenups are frequently associated with negative stereotypes about trust fund heirs and those who have little faith in their marriage. Here is the reality about who can actually benefit from these agreements.
It is true that prenuptial agreements are important for people who either have amassed significant personal wealth or who come from money. Individuals in this situation generally choose to sign agreements to protect future inheritances. Prenups are also advisable for those in Minnesota who are involved in family businesses that generate wealth.
Even without much wealth, entrepreneurs should also think about protecting themselves. For example, one person might come into marriage with a small business, little wealth and a significant amount of debt. But what happens when that business grows and produces more and more wealth? Without a prenup, those business interests could be at risk should a divorce occur later on.
There are many more reasons to look into getting a prenuptial agreement before getting married. Anyone who already has kids or who is on a second marriage probably has a lot that he or she wants to protect. Approaching the topic can be difficult though, so it might be helpful to first speak with an experienced Minnesota attorney about what a prenup can and cannot do.