Prenuptial agreements can be helpful for many people.
The last thing many couples in love want to do is get a prenuptial agreement.
Prenups have a bad reputation of being cynical.
So much for “all for one and one for all”?
People believe these agreements are a sign one or both parties are expecting infidelity, disillusionment, and divorce.
However, according to a recent Forbes article titled “Prenuptial Agreement: What Is A Prenup & How Do I Get One?,” outlining agreements on assets is often beneficial even though not romantic.
What are prenuptial agreements?
These are legal arrangements prior to a wedding whereby the groom and bride address how assets will be divided should the marriage end in divorce.
Alimony payments can be outlined and distinctions made between significant personal property.
Prenuptial agreements can benefit most people entering into marriage, especially when it is not the first time to exchange vows.
Although they are considered important when one spouse has significantly more wealth than the other or when there is a large age gap, there are plenty of reasons to sign a prenup.
Those who own a business or have stake in a family business should have a prenuptial agreement to protect owners, employees, and customers.
Some families have valuable or sentimental heirlooms.
Prenuptial agreements can also be beneficial when there are children from a previous marriage and parents are remarrying.
A prenup can outline estate planning wishes to include children from this first marriage as heirs.
Divorce settlements and proceedings can take a long time when determining who gets what.
You can clarify rights and distributions in your prenuptial agreement to save time and emotional energy.
Debts and prenuptial agreements are not commonly paired in the minds of most people.
Even so, prenups can protect one spouse from the debts the other spouse brings into the marriage.
Spouses can clarify how debts or loans brought into the marriage will remain the responsibility of each spouse.
A prenuptial agreement can also outline how debts accrued during the marriage will be managed.
Because divorce is often heated and emotional (understatement?), it does not foster ideal circumstances for collaborating on financial matters.
Although many people may never need to deploy their prenuptial agreements, your document will be ready to protect you, your loved ones, and your assets if your new love is lost.
Remember: love may be blind, but it is prudent to go into any relationship with both eyes wide open.
Reference: Forbes (Oct. 24, 2022) “Prenuptial Agreement: What Is A Prenup & How Do I Get One?”