When you see that your relationship is getting serious, you are probably ready to start looking for wedding rings, dresses, décor, and places to host the ceremony. But a prenup? Probably not something that you expected to have on your to-do list as the big day approaches! Prenups are becoming a standard among engaged couples – even if they come into the marriage with little money. Keep reading to discover why prenups are becoming so popular and how one might be the right decision for you and your fiancé.
What a Prenup Involves
A prenup is a legal document drawn up by the engaged couple before their marriage. It involves the help of an attorney who can guide them through the process (in some states, separate attorneys are required) and fill out the necessary paperwork. The document helps to determine how property and assets will be split in the case of a divorce – along with the way that preexisting debt will be divided. Some people also include money and debt that is accumulated during the marriage as part of the prenup, but this can be difficult to do depending on where the couple lives.
What’s the Benefit of a Prenup?
As unromantic as it may sound for engaged couples to consider, divorce is a reality for 50% of marriages. And the split can financially ruin those who find themselves suddenly strapped with their ex’s debt or stripped of half their personal assets. A prenup helps individuals to protect their interests just in case their marriage happens to end.
Is a Prenup Planning for Failure?
While some may look at a prenup as planning to fail, other couples consider it to be a realistic and responsible way to protect themselves and their spouse’s potential future. Financial difficulties are one of the main reasons that marriages go sour. As resentments over money disagreements cause ongoing arguments and ultimately splits. By getting a prenup, a couple can relieve some of the financial stress by knowing that their money and assets are their own. This acknowledgment and the mutual agreement gives them the freedom to pursue their own dreams without the fear of their partner’s financials destroying their plans. Sometimes prenups can actually provide the freedom needed to help the marriage flourish.
Do I Need a Prenup?
If you are planning to get married, then a prenup is certainly something you need to consider. You don’t have to be rich or famous to benefit from securing your finances. Through a prenup not only will you be able to protect the money that you currently have and any assets you may gain through current business ventures, but it can also protect you from your partner’s debt. By having a prenup in place, you can ensure that you won’t be expected to pay on your spouse’s student loans or other existing debts.
While it’s great to bask in the joy and delight of wedding arrangements, don’t forget to take the necessary steps to protect your future finances by getting a prenup. Contact our office today and talk to a lawyer to discover if a prenup is right for you and how it can help provide needed security for your upcoming marriage.