5 Reasons To Consider A Prenuptial Agreement
- DATE: October 6, 2018
- POSTED IN: Blog
- POSTED BY: Gene Kirzhner
No one really wants to be that person to kill all of the romance in a relationship. That is probably one of the top reasons why many don’t even consider a prenuptial agreement. Discussing finances is a tough conversation for any couple. Discussing finances in the event that your marriage doesn’t work out can be extremely difficult. That doesn’t mean that it isn’t an important conversation that you should have with your significant other before you tie your lives together. Learning about this document, what it accomplishes, and how to best go about it can help you in making a decision on if it’s right for your marriage.
What Is a Prenup?
A prenup is a legal document that acts as a contract for your marriage. It discusses how the couple involved will deal with their finances during and after their marriage. It determines the financial and property rights of both parties in the case that their marriage ends in a divorce. There is a misconception that this step is only for people that are extremely wealthy, but that’s not the case. A prenuptial agreement can be beneficial for a wide variety of individuals.
History of Prenuptial Agreements
Prenuptial agreements are nothing new to society. They have been in existence for thousands of years to protect the respective parties that were getting married. For instance, women would want to have one before the Married Women’s Property Act of 1848. Before this act was made into a law, women had no property. No matter if she earned, owned, or inherited property, it was all considered her husband’s. In the event that he divorced her or passed away, she could be left without anything. Times aren’t as dire today, but it still can make sense for people to protect themselves when going into a marriage.
Why Should You Consider a Prenuptial Agreement?
- You are able to protect the assets and income that you had prior to the relationship that you built alone as well as protect your partner in the same manner.
- When you consider a prenuptial agreement, you’re both putting all of your financial information on the table with no surprises.
- It can financially protect children from a previous relationship or marriage.
- This document can be used in case of death when determining your wishes when it comes to who should receive what assets.
- One of its biggest negatives is also a positive for considering a prenuptial agreement. This agreement can make the end of a relationship easier on all parties involved in it. All of the hard decisions have been made, and it’s easier to move on.
Potential Negatives to a Prenuptial Agreement
One of the biggest potential negatives when you consider a prenuptial agreement is that it’s very unromantic during a time when you’re trying to be romantic. This effect can cause even people that are very much in love to fight or be unhappy with each other. It can make your partner feel like you don’t trust them or that you don’t think that the relationship is going to work out. They may feel like you’re planning how to divorce them before the wedding even takes place. Over time, it can cause resentment between you and your partner. In addition, there are some circumstances where the prenuptial agreement could be invalid, such as failing to disclose all of your assets or any evidence of fraud.
Prenuptial Agreement Tips
There are a few things that you can do to help with these potential problems when you consider a prenuptial agreement. The first is that you shouldn’t bring this up at the last minute. You should be upfront in your desire to talk about getting this type of agreement in writing. Waiting until it’s time to walk down the aisle is not going to go over well with your other half who may decide to break off your engagement.
You should also be honest about it. Don’t try to hide how you’re feeling about this or what you think about this process. You also don’t want to be dishonest about your assets as this can not only cause ill will between you both but could also be detrimental to your prenuptial agreement.
A final tip is that it can be beneficial to get separate attorneys to represent you both during this process. This step can help to protect you both and ensure that you’re both getting the best representation possible during this process.
Getting Professional Help When You Are Considering a Prenup
Taking the time to consider a prenuptial agreement makes sense. You can evaluate whether or not it’s the right thing for you and your future spouse. Speaking to a professional can help you to evaluate your situation.
Are you getting married and want to consider a prenuptial agreement? Contact us at The Law Office of Howe and Garside, LTD to discuss your options on whether or not this is the right decision to broach with your partner.
Prenuptial agreements often get a bad rep, but they can be beneficial. Learn more about their purpose.