While there is a perception that prenuptial agreements are typically reserved for those who are remarrying and wealthy, there are a number of other situations in which the document can prove critical for married couples.
Prenuptial agreements are documents designed to detail which assets each person had prior to the marriage and what each person would be entitled to if the marriage ultimately came to an end.
"I see a prenuptial as the start of an ongoing conversation about money, finances and ultimately the values that you hold that get expressed financially," Vivian Groman, a certified public accountant, told NorthJersey.com. It's not that everybody needs a formal legal agreement. But everyone needs to have the conversation."
Some of the specific situations in which a prenuptial agreement can be useful include when one person has significant debt or when one of the partners makes significantly more money than the other.
In addition, business ownership can play a significant role when determining whether or not a prenuptial agreement should be signed, as the document can help avoid a potentially complicated divorce in the future.