When you’re about to marry the person you love, drawing up a prenup is probably the last thing on your mind. However, there is no hiding that fact that a full 50% of marriages in the US end in divorce.
5 Compelling Reasons to Get a Prenup Before Entering a Marriage
Although you and your partner might feel like a match made in heaven, having a financial agreement in place in case things do go sour is just common sense. Anything can happen throughout a marriage, and a failure to get a prenup can have ruinous consequences further down the line.
With that in mind, here are five compelling reasons to sign a prenup before you get married.
1. Protect Assets Acquired Before the Marriage
One of the most apparent prenup pros is that you can protect all of your assets and wealth that you acquired before your marriage in perpetuity.
Say you bought a house with your own money and invested in an index fund long before you met your future spouse. If you don’t have a prenup, all of those hard-earned assets are fair game in the event of a divorce. Assets you acquired before marriage should stay yours.
2. Protect Assets Acquired During a Marriage
One of the benefits of a prenup is that you can eliminate the possibility of a partner taking half of everything you own in the event of a divorce.
If you say, started a successful business during your marriage, your assets and earnings from that business are not safe without a prenup. Even if your partner played no role in setting up that business whatsoever, they could take it away from you if you have no prenup.
3. Avoid a Costly and Messy Divorce
The worst aspects of a divorce can be how messy and expensive it is. Without a prenup agreement, everything is up for grabs. This can and does lead to years-long, hugely expensive court battles that can poison a relationship forever.
Before any marriage, you should also follow these tips on how to protect your assets from a divorce. That way, if the worst does happen, it can be as pain-free as possible.
4. A Prenup Forces You Both to Face Important Financial Questions
This is one of the more personal reasons to sign a prenup. In the blur of courtship, it can be too easy to push difficult questions to the side and hope that they will be resolved later.
However, this is no sane way to enter a life partnership. A prenup will force you to look at your joint finances in the cold light of the day. It is a much easier conversation to have before you are legally bound together, so do it sooner rather than later.
5. Preserve Your Family Inheritance
Finally, a prenuptial agreement will allow you to preserve your family inheritance in the event of a divorce.
If there is no prenup and your parents pass away, their entire estate could be up for grabs in the event of a divorce. If you wish to keep your family and heirlooms and assets within the family under all circumstances, a prenup can help you guarantee that.
How to Start a Marriage on the Right Foot
A prenup is an essential step towards starting your marriage from a position of strength and mutual respect.