Not so many life events are as exciting as planning a marriage. Identifying the venue, prepping the guest list and what your guests will eat, engaged couples invest a lot of time and resources to ensure that they get a memorable wedding. The last thing most people think about during this period is a prenuptial agreement or a divorce.
A prenuptial agreement, commonly known as a prenup, is a contract that outlines what happens to your assets, income and debts should your marriage end in divorce. Having one in place before marriage can save you time, money and stress should the marriage come to an end.
Here are some of the reasons why you should consider having a prenuptial agreement before marriage.
Make a divorce less complicated
Most couples are often on the same page at the onset of the divorce. However, as the process moves forward, disagreements on issues like property division usually arise. These can make the divorce process costly and time-consuming. A prenup can save a divorcing couple the hassle of navigating property division as it clearly separates the marital property from non-marital property.
Encourage an honest pre-marriage conversation
One of the best ways of initiating an honest conversation about assets, finances and debts in a relationship is talking about a prenuptial agreement. This conversation is important because it will help you start your marriage with open communication and a deep trust level: important building blocks for a lasting marriage.
Ensure fair sharing of assets
If you are coming into the marriage with an accumulated wealth while your partner has significantly fewer assets, you risk losing a considerable amount of wealth should the marriage end in divorce. In such a situation, it makes sense to safeguard your wealth. This is particularly crucial if you have retired or are almost retiring and have no chance of working in the case of a divorce. Signing a pre-nuptial agreement with your spouse before marriage can go a long way in protecting your assets.
No one gets married with the hope of getting divorced one day. A prenuptial agreement can help you protect your assets and ensure that your interests are safeguarded during and after the marriage.