Marriage is meant to be a lifelong commitment. However, divorces do happen because no one can really predict their partner’s actions or their own in the months, years and decades after their wedding. This is precisely why more people are considering the merits of prenuptial agreements.

Consider a prenuptial agreement if there is financial debt

Most couples don’t want to talk about school loans, credit card debt, and a possible mortgage, as this topic is inherently depressing. However, there is an undeniable imbalance between a spouse-to-be who has a significant debt load and another who has little or no debt. A person who has no debt or a small amount of debt should have a prenup that details the financial obligations of each party and how that debt will be divided in the event of a divorce.

Consider a prenuptial agreement when one person has more assets

Most couples do not have exactly the same amount of assets. It just doesn’t make sense for a person with no assets to walk out of a divorce with half or more of their former partner’s assets. The assets of each party must be clearly identified and quantified in today’s dollars in a prenuptial agreement that establishes exactly how those assets will be distributed in the event the marriage ends in divorce.

Consider a prenuptial agreement if a company is involved

Business owners of all kinds should have a detailed prenuptial agreement before getting married. The alternative is to go ahead with no legal protection for the business, ultimately putting it at risk if the husband or wife decides to divorce. It would be a grave injustice if an undeserving spouse received a share of the business or the income from that business if the marriage ended in divorce. This is precisely why all business owners should have a complete prenup before tying the metaphorical knot.

Consider a prenup if there is an income imbalance

Although married couples share almost everything, fewer couples share their income with each other as time goes on. After all, we live in a meritocracy where people are rewarded for their hard work, skill, and intellect with financial compensation. A breadwinner who earns significantly more than their partner should have a detailed agreement to safeguard that earned income and minimize alimony payments in the event of a divorce.

Consider a prenuptial agreement if the children can enter the scene

Raising one or more children requires time out of the workforce or paying a caregiver to care for the little ones during the day while mom and dad are at work. A couple planning to raise one or more children needs a prenuptial agreement. This legal tool details the amount of alimony to be paid and can even provide such payments for a stay-at-home parent until the child turns 18. If no such agreement existed, the parent who spends years out of the workforce could potentially emerge from a divorce empty-handed with a stunted career and diminished earning capacity due to the employment gap.