As you prepare to tie the knot, it’s imperative that you consider the impact of your marriage on your future. Just the same, you should strongly consider the steps you can take to protect yourself and assets in the event of a divorce.
It’s never easy to discuss the creation of a prenuptial agreement with your partner, but it’s the responsible thing to do. There are many benefits of creating this type of agreement, including the following:
- An open line of communication: Discussing the finer details of a prenuptial agreement gives you the opportunity to communicate about your current situation, future and what would happen should you decide to divorce. Remember, talking about a prenuptial agreement doesn’t mean that you’re planning for a divorce. It just means that you’re being responsible.
- Protect separate assets: There’s a good chance that both you and your soon-to-be spouse are bringing assets into the marriage. In this case, you want to protect them against division in the event of a divorce. This allows you to clearly define what is separate and what is marital property.
- Save you time and money in the future: Without a prenuptial agreement, you could find yourself at a standoff with your spouse as you move through the divorce process. But with a prenuptial agreement, you’re able to save time and money since you have some guidance in place.
- Protect yourself from the other person’s debt: For example, if your partner is bringing a lot of credit card debt into the marriage, you don’t want to be on the hook for it if you divorce in the future. You can touch on all types of debt in your prenuptial agreement, which allows you to protect your financial interests.
Even with these benefits, you may begin to second guess your decision to ask for a prenuptial agreement. You know it’s the right thing to do, but you don’t want to give your partner the wrong impression.
This is why it’s so important to have a meaningful conversation about the pros and cons of creating a prenuptial agreement, as well as your future. Doing so will move you closer toward getting on the same page.