If you’re on the fence about creating a prenuptial agreement, it’s important that you learn more about the pros and cons. This will allow you to make an informed decision as to what you should do next.
There is no shortage of benefits associated with a prenuptial agreement. These include but are not limited to:
- Protecting the assets you bring into the marriage: For example, if you owned your home before tying the knot, you may want to keep it separate from your spouse. This way, if you decide to divorce, it’s no subject to division.
- Protecting against your spouse’s debt: If your spouse brought a lot of debt into the marriage, such as credit cards and personal loans, you don’t want to be on the hook should you decide to divorce. A prenuptial agreement can protect against this.
- Protecting your children from past relationships: For instance, if you have children from a prior marriage, you probably want to keep them in mind in regard to your assets and estate planning. A well thought out prenuptial agreement allows you to protect your children in a variety of ways.
Although it can be a challenge to discuss the creation of a prenuptial agreement with your soon to be spouse, it’ll remove a good deal of stress from your life during a critical phase.
Talk to your partner about the pros and cons of a prenuptial agreement, how to create one and the first step in the process. Doing so will put you in a position to create an agreement that suits your requirements.