Getting married is a big step in one’s life. Before the actual wedding, there’s so much to do, things to plan like getting your marriage license, choosing a venue, and picking your guest list. However, it is always important to talk about the financial aspect of things if your marriage doesn’t end in happily ever afters.
It may not be easy to talk about such things, it isn’t romantic talking about the end of a marriage that hasn’t begun yet. But money is known to be one of the leading factors of stress in relationships. This is one way to ease such stress. Here are 5 top reasons why you should sing a prenup.
- Prenups Are Not Only For The Rich
The general misconception about prenups is that they are only for the rich. Individuals with lots of wealth might be used to the concept of prenups, but prenups can be used to protect people who don’t have large assets. Prenups can help protect you from your partner’s debts, even if they don’t have any now. If you have stocks that may be valuable in the future, this can also be a reason for you to sign a prenup.
- Prenups Set A Solid Financial Background
Not being on the same page with your partner about financial discussions can lead to arguments. But when faced with a prenup, couples would need to discuss finances well before their marriage. Prenups help lay out all the cards so that there are no surprises later. Both parties now have an idea of what they are signing up for financially and are able to take proactive steps in building successful marriages.
- Prenups Can Be A Form Of Insurance
You may not be happy getting one, but you will be happy you did when you need it. Just as in the case of choosing insurance, you think about the worst-case scenarios. Prenups help you decide what assets or properties you should co-own and which should remain separate. Will income earned become joined or remain separate? Will alimony be paid? These are some of the things to consider. In addition, you should also consider the probability of finances to change over time.
- Prenups Override Most State Laws
By signing a prenup, you lay down the law that will govern your own marriage that will not be overshadowed by state laws. You are able to take your financial future into your own hands, irrespective of your financial status. A prenup also helps reduce or completely avoid the cost of litigating a divorce because the end terms of the marriage have already been stated during happier times.
- Prenups Don’t Have To Be Negative
It may be difficult to bring up the topic of a prenup when you are also planning to spend your life with an individual. The best solution is to think of it as a financial practice that will help both parties. Bring up the discussion early on, even before the engagement, so both parties know where they stand on the matter.
Having a prenup is becoming more mainstream with people now seeing its benefits. Ensure you have a good lawyer to draw up a suitable agreement for both parties.
Contact Campion, Curran, Lamb and Cunabaugh today for legal help.