Are you being told that you should get a prenup to help keep your finances a bit safer when you get married? Perhaps you are being told that getting a prenup is a bad idea because it sets a bad precedent for the marriage, and it makes it look like you don’t trust your soon-to-be spouse. Some might tell you that prenups mean that you are already headed for divorce even before the rings have been exchanged. What do you believe? Let’s get a closer look at the reality and the benefits they can offer.
A Lot of People End Up Divorced
People tend to marry for love, and we often believe that love will outlast everything. However, we also live in the real world. Look around you at the number of people who are getting divorced. It happens a lot, and just because you are head over heels right now doesn’t mean that love will sustain you and your partner through everything.
When you are getting married, you can’t go in with blinders on. You need to be aware of the reality of divorce. There is a chance that it could happen to you no matter how in love you are right now. Therefore, it simply makes sense that you would want to protect yourself just in case it does end in divorce. It’s not meant to put a damper on the wedding or your love for the other person. It’s just something of a shield to protect you both in case it happens.
It Opens Up Communication
One of the best things about prenups is that it helps to further open up the lines of communication with your partner. Often, there are certain things that you don’t end up talking about before getting married. Finances and property tend to be the most common. People may be cagey about the debts they owe, the amount of money they have, the property they own, etc.
By talking about finances ahead of time, you have a better idea of where each of you stands. It can give you a better idea of each other’s outlook on money, which is essential to know when you are getting married. If you are someone who likes to save and they are someone who likes to spend, it might not work out well unless you can reach a middle ground. Knowing this ahead of time is important and having a prenup in place can help to protect your interests.
Ensure Separate Property Is Safe
One main goal of prenups is to make sure that your property remains safe in the event of a divorce. You might be bringing in certain heirlooms, a business you’ve run for years, a vehicle you love, etc., and you want to make sure that the property remains safe in the event of a divorce. A prenup can help you and your spouse both ensure the safety of your separate property, so there are no surprises in case you get a divorce.
Protection from Debt
If you marry someone who has a lot of debt, and you don’t know this until you are married, then you could be responsible for that debt. This is true even when you get divorced. The lines can get murky. By indicating pre-marriage debt that you and your spouse carry, it helps to ensure that you aren’t responsible for half of that debt later on in case you get divorced.
It Can Lead to a Stronger Marriage
When you have all of these things discussed and out in the open, there aren’t any surprises. You and your partner both know where you stand, what you have, how things should be divided, etc. Knowing all of this ahead of time has the potential to lead to a stronger marriage.
Divorce Can Be Faster
If you go through a divorce, it can often take many months or longer to finalize. This is because you and your spouse often argue about how assets will be divided. When you have a prenup in place that spells these things out for you, it can speed up the process of divorce greatly. Of course, certain things can’t be added to prenups, such as child support or custody, but many of the big issues in a divorce can be squared away long before you ever think about dissolving your marriage.
These are just some of the many reasons that you will want to consider getting a prenup when you are planning your marriage.
Are There Any Drawbacks?
Overall, there aren’t many drawbacks to getting a prenuptial agreement. They serve the purpose of keeping you and your spouse protected financially, and when they are done right, they will be balanced. Both of you should feel safe and comfortable going into the marriage.
However, for some, it could still be seen as a death knell for romance. You might have a partner that tells you that it’s killing the romance of getting married, and they might tell you they don’t want to sign it. While they might truly be thinking about romance, you need to think about your financial wellbeing. What if they are after you for money?
Being safe is better than losing out when you get divorced. If someone refuses to sign, you have to stop and ask yourself why. Revisit the agreement and make sure that it is fair and that it protects both of you. If they still won’t sign, it might be an indication that they are getting married for the wrong reasons. You will want to tread carefully.
How Do You Get a Prenup?
Prenups need to be in writing, and they need to be reviewed and signed by both partners before getting married. They have to disclose all of your assets and liabilities, and it needs to be fair to both of you. While you could create a prenup on your own, it will be far easier to do so with an attorney. They can make sure everything is done correctly.