Most people know that a prenup can help you through a divorce by clarifying the financial aspects of your life even before you begin your marriage. However, many might be surprised that a prenup can also guide you through marriage so that both spouses are financially honest and open throughout. If you are a New York resident about to get married, you might consider drafting a prenup.
A prenup requires financial honesty
When some couples marry, they do so without knowing the full truth about their spouse’s financial situation. Over time, this can result in conflicts between the spouses and it often becomes a factor in divorce. However, if the spouses choose to draft a prenup before getting married, they commit to being completely truthful about their finances, including:
- Their debts
- Their assets
- Their attitudes and beliefs about money
How can a prenup guide you through marriage?
Because healthy marriages also require honesty, having prenuptial agreements that are created after spouses voluntarily provide all information, whether good or bad, about their finances, can help couples maintain this openness through the marriage. Because a couple needs to discuss their attitudes, beliefs and hopes for their financial future when negotiating a prenup, it can also help couples solve financial conflicts that might come later in the relationship. The first difficult conversation couples might have about finances can come when they discuss the terms of their prenup, but choosing to do this also prepares them for the conversations that will come once they wed.
A prenup does not have to be filed away and forgotten, only to be pulled out if the marriage ends due to divorce or the death of one spouse. You can also return to the prenup when big financial decisions need to be made or conflicts resolved as your marriage evolves over time.