If you are thinking about marriage, you should also be thinking about a prenuptial agreement. These marital agreements are becoming increasingly popular, especially for people who have already been down Divorce Road, those with blended families and others who have high-value assets, such as a business, to protect.
Unfortunately, some people drag their feet when it comes to creating a prenuptial agreement. For instance, you could be worried about how your fiancé will react to the idea of a prenup or maybe you worry that having a marital agreement will doom your impending marriage. However, these reasons for creating a prenup might be enough to convince you to get the ball rolling.
It defines financial obligations
As you probably already know, when a couple divorces, it often involves lengthy negotiations about who gets what. A prenuptial agreement can help you define how to treat your marital property in a divorce. For example, you could include provisions about what to do with the house in New Haven the two of you just purchased together should you divorce in the future. Figuring these kinds of issues out before you get married can provide each of with confidence about your respective financial situations in case of divorce.
It puts everything on the table
A prenuptial agreement is not a one-sided disclosure of your financial position. Your fiancé will also have to make a complete list of his assets and debt. This process will let both of you be aware of the real state of your finances. If there are any issues that you need to deal with, like outstanding student loan debt, the two of you will be able to tackle them together.
It opens communication
Working out a prenuptial agreement will be your first test in communication and compromise. Even though a valid prenup requires that both you and your intended have your own attorneys who will look after your respective interests, it is still important for the two of you to talk to each other about the terms of the agreement. If you can complete the negotiations, then it might make your communication skills stronger and, therefore, your relationship as well.
If you are planning to get married, you should consider taking steps to create a prenuptial agreement. Such a marital agreement can protect you and your spouse.