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Originally Posted by longrun
I thought a prenup was for when you get a divorce? Please explain.
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A prenup is to protect both parties involved. It's just a legal way to say, "Her debt/assets before the marriage are hers and mine are mine. And they'll stay that way and can't be combined." Now, legally, what you earn during marriage can be split/shared. So, if she has $100k of debt premarriage, a prenup is made that she keeps it, you get divorced, she keeps it. Otherwise, you get divorced, you get half the debt as well. Now, take it the next step. She goes bankrupt, you're married, no prenup, you get dragged into it as well. If you get divorced with a prenup, she has all the debt, declares bankruptcy, the bankruptcy is based on her earning power (not both of yours), after you the bankruptcy, you get remarried. At least one party has a clean record, you're both in a better position.
And, I know some people will hang me for this, but maybe you want to explore divorce. I have a friend who makes $65k/year. Her husband makes $150k/year. They love each other, but got divorced. Why? Because it saved them $15k+ a year in taxes. Marriage in America is now more about tax status and legal benifits then it is about love. Legally, they don't live together. In truth, they rent an apartment together in NYC, and pick one of two houses to visit on the weekends (poconos or beach). It's a nice life that couldn't be afforded if they were married. Oh, and their kids have no idea that they are legally divorced.