You’ve probably heard the statistics before. Fifty percent of all marriages end in divorce—and this number is on the rise.
There is a common misconception that drafting a prenuptial agreement prior to tying the knot conveys an uncertainty that the marriage will last. In actuality, developing a comprehensive prenuptial agreement gives a new couple the opportunity to plan for the various aspects of marriage that are often left undiscussed during the honeymoon stage—and that can often lead to turmoil further down the road.
In today’s post, we explain why a thoughtfully conceived prenuptial—or postnuptial—agreement can actually make a marriage stronger:
- Avoiding financial conflict: Money is one of the leading causes of stress in a marriage. If your fiancé has $40,000 of college debt, do you stand to inherit this debt when you get married? Do you and your partner agree on how you’ll manage your finances? Are you on the same page about planning for your retirement or your children’s education? Your prenup can iron out all of these concerns before they become problems.
- Creating a seamless transition: In marriages between blended families, there are often additional factors to consider. If you or your partner have children from a previous relationship, how much responsibility will you and your spouse take in supporting them? Do any of the children have special needs that need to be accounted for?
- Planning for the unexpected: What happens if one spouse becomes ill, disabled or passes away? Have you set up a life insurance policy? Do you have a designated healthcare proxy or power of attorney?
A prenup doesn’t need to be a document that lays out your property division in the event of divorce. You can decide what does and doesn’t go into a prenup. When drafted smartly, it can help you and your partner avoid unnecessary conflict, and it can provide much-needed support during life’s unforeseen hurdles.