Most young couples who hear about premarital agreements think that signing up these contracts is a way of saying that their marriages will go wrong at some point and or they aren’t willing to share assets and property.
However, the reality is that financial issues are a leading cause of divorce in America, and plenty of these problems are easily avoided or prevented by setting the rules about income and asset distribution before getting married.
It’s not about lack of love, comprehension, or trust with your partner. It’s about protecting your and your partner’s finances in the eventuality of a financial disaster.
In this article, you’ll find some of the critical aspects of prenuptial agreements and why you should get one or consider discussing it with your partner before getting married.
It’s unromantic to walk to your partner and tell them you want a prenuptial agreement. To some, it’s like saying you’re already thinking about divorce.
However, what you’re going to discuss is not love, or trust is finances. How to protect each other in the case of economic fallout.
It’s hard to face the truth, but the number of divorces in America continues to increase with each passing year. Even if you’re both completely in love and sure that you will never divorce, signing up a prenup before marrying won’t hurt you, and you might regret not having one in the horrible case you have to go through a divorce.
There are two crucial situations where getting a prenup is almost a must:
First, when one of the individuals is significantly wealthier than the other, this way you protect those assets and make sure you’re not getting married because of your wealth.
Second, when the other person has a meager credit score and a high amount of debts, in the event of business bankruptcy or debt collection, the assets are already divided and belong to each spouse individually, meaning that debt collecting won’t touch your part of the estate.
Moreover, these contracts go beyond what you have before marrying, and you can specify the income, properties, or businesses you make during marriage belong to you.
As you can see, protecting your assets before, during, and after marriage is an incredible advantage that will save you a significant amount of money in the future and will only take a talk with your partner and the aid of a lawyer.
Drawing the prenuptial agreement line in a relationship may seem like a lack of trust, but it’s the best financial decision a couple can make.
Moreover, beyond financial advantage starting your marriage with clear communication of what your economic status is and how you want to deal with finances in your marriage is invaluable.
Imagine being one or two years into your marriage and find out your partner takes one risky financial decisions after the other, and you can’t do anything about your finances because you didn’t draw that line at the start your marriage.
Couples who discuss hard topics like finances, children, retirement, and long-term or life goal plans before getting married or engaged are much more compatible and longer lasting than those who get married out of impulse.
It may sound like a negative way to start, but hundreds of lawyers worldwide recommend getting at least a simple prenuptial agreement before getting married, even if you’re not going ever to enforce the contract because your marriage is a dream it will benefit you to set boundaries at the beginning of your relationship.
Hopefully, this article convinced you into taking a closer look at prenuptial arrangements and discussing finances with your partner. Find an experienced lawyer in family law and ask him about what terms you can decide before getting married, and recommend your partner to get one too, that way you’ll both be in even conditions.