While it may not sound particularly warm or romantic, marriage represents a legal contract that extends far beyond the ringing of wedding bells. Despite popular belief, the purpose of a prenuptial agreement isn’t to put up a wall between couples, but rather protect both parties’ finances.
The fact remains that neither you nor your future spouse can read the future. Although nobody wants to picture a worst-case scenario where their marriage doesn’t last or tragedy strikes, a prenuptial agreement represents long-term planning and security for spouses in case the relationship does sour.
The Benefits of a Prenuptial Agreement
Signing a prenuptial agreement does not imply that your marriage is doomed to fail. On the flip side, consider the benefits of such a contract including…
- Ensuring that your marriage is focused on romance, not finance: by thinking forward via a prenuptial agreement, couples have the opportunity to communicate the expectations for their financial futures and how their marriage will operate
- Protecting your business: if you’re a business owner, your company could be potentially at risk in the face of divorce if you don’t take the time to draw up the proper documentation
- Securing the future of your children: from alimony to inheritance, a prenuptial agreement can ensure that your children are financially taken care of even if your marriage doesn’t end up lasting for the long-term
Drawing up a prenuptial contract certainly makes sense if you’re a business owner or there are children involved in your marriage. That being said, a lawyer can help you iron out the specifics of your agreement depending on your situation.
What to Consider When Drawing Up a Prenuptial Agreement
Don’t the mistake of not talking about sensitive topics such as finance or a potential split-up down the road with your future spouse simply because it’s uncomfortable. Again, marriage represents a legal contract and such discussions come with the territory of tying the knot.
For starters, you’re going to need to consider your current income and debts so that there are no “ah-ha!” moments that catch you off guard in the future. Similarly, you should consider talking about inheritance and estate planning in case the worst indeed does occur. For many couples, the specifics of a prenuptial agreement force them to look at the “bigger picture” of their future as a couple.
Since the nature of such conversations can indeed be awkward of unsettling, oftentimes it helps to have a lawyer present to sort of out the legalese and look at your situation from an objective point of view. An experienced professional can help you understand what’s in the best interest of both parties and ultimately secure your finances for the long-term.
Want to Learn More About Prenuptial Agreements?
Marriages are about much more than dollars and cents; however, that doesn’t mean you shouldn’t keep your financial future in the back of your mind as you tie the knot. If you’re interested in drawing up a prenuptial agreement or simply have more questions about the process, feel free to get in touch with us today.