Saying “I do” is an exciting moment in the lives of both men and women. Although most of us hope our marriage will end in happy ever after, many of us aware there's a chance it won't. A prenuptial agreement is a way to protect your financial assets if your marriage ends in divorce, but it's also a good way to avoid one—by laying out your expectations clearly before a marriage begins.Although prenuptials were once thought of as only for the rich, modern couples are seeing the value of them, and how they can be used practically for every marriage. Here are just a few of the reasons today's couples are choosing to sign prenups before getting married:
• Spell out financial responsibilities
Who pays for what can be surprisingly complicated. If one person has more money, it's natural that they shoulder more of the bill, but if you have different expectations from each other it can lead to strife. Letting each other know what you expect through a prenuptial will help get finances clarified before fights break out, and could even strengthen your marriage.
• Protection from debts
You're marrying the person you love, but that doesn't necessarily mean you love their debts. If you know the person you are marrying has a lot of debt, even if it's a relatively healthy kind such as student loans, clarifying that you're not stuck with half after a divorce can be a big relief for you.
• Protect the kids
If you have children from previous marriages, you may want specific property to go to those kids. If you pass away before your partner, it's possible they can keep that property for themselves, if it isn't specifically addressed. A prenuptial can help clarify this.
Prenuptials are a great way to build the framework of your marriage. If you're thinking about getting prenuptials signed before your marriage, here are some important things to consider.
Speak to a lawyer before signing
While you should definitely write the prenuptial agreement yourselves, you should also have it looked at by a lawyer (and preferably two separate [FURL=https://vibelegal.com.au/]family lawyers[/FURL] for an unbiased second opinion.) The law has become much more open to prenuptial agreements in the last few years, but they may still call into question an unreviewed prenup.
A lawyer can let you know if there is anything in the prenup that might render the prenuptial void, and also lend credence to the prenup should you ever land in divorce court.
No one ever wants to think about what happens if “I do” becomes “I don't” but a prenuptial agreement can make divorce easier if it ever comes down to that, and may also prevent it in the first place. Use planning your prenups as a chance to review finances, and have an honest talk with your fiancé about expectations.
With prenups signed, you can go down the aisle with confidence knowing that both you and your other half are clear on what that means.
References:
[FURL]https://www.nolo.com/legal-encyclopedia/prenuptial-agreements-overview-29569.html [/FURL]
[FURL]https://www.nolo.com/legal-encyclopedia/prenuptial-agreement-lawyers-30035.html [/FURL]