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How to determine whether or not you need a prenup

Tennessee residents preparing for marriage might benefit from considering whether or not they need to draw up a prenuptial agreement with their significant others. Prenups are oftentimes viewed as controversial topics that spark disagreements for couples. However, in some cases it might be wise to draw up prenups, whereas in others it might not be worth the time or lawyer's fees to do so.

Obviously, people with large amounts of wealth might want to consider having prenuptial agreements to protect their assets in the event of a divorce. Prenups tend to be more common among the financial elite, but experts say that entrepreneurs might want to consider taking measures to prepare for a divorce as well. If people have spent 40 or more years of their lives building a business, they might want to consider protecting it.

Additionally, athletes might benefit from having prenups to protect their future wealth if they are on the verge of making it big. Still, other people who have been through previous divorces and been burned might want prenups the second time around. Their experience with divorce might inspire them to request a prenup to avoid a costly settlement if their new marriage ends in divorce. They might also want to protect the interests of any children that they have from a previous marriage.

However, some experts believe that if a person doesn't have more than $100,000 or $200,000 worth of assets, then bringing up the controversial subject of a prenup isn't worth the emotional or financial hassle. For people who do want to draw up prenuptial agreements, though, family law lawyers might be able to offer them the assistance that they need to draw up clear, legal documents. Prenups can make it so that both spouses have clear expectations concerning their finances.

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