Before you get married and combine your finances and lives, one of the things that you and your spouse may want to consider is putting together a prenuptial agreement.
A prenuptial agreement is an agreement you enter into prior to marriage that details out what the expectations are for each spouse. It goes over what happens in a divorce and how you’ll divide your assets, too.
A prenuptial agreement is like insurance for your divorce
It makes sure that you and your spouse make decisions about dividing your property while you’re still interested in each other’s welfare. If you’re coming into your marriage with wealth or assets, having a prenuptial agreement can protect you against losing those. If your spouse has debts that you don’t want to end up being responsible for, addressing those debts in your prenuptial agreement could be beneficial.
No one thinks they’ll divorce, but without a prenuptial agreement, that difficult situation could become even more conflicting. You may find that you’re not sure how to divide your property or that your spouse doesn’t want to negotiate despite, in happier times, chatting about how they’d always make sure you got a fair share during a divorce.
A prenuptial agreement is there for your protection, and it’s for your spouse’s protection, too. It will protect you against an unfair division of your assets, a long divorce with heavy conflict over property and assets and against debts that you shouldn’t have to cover. Similarly, your prenuptial agreement will protect your spouse against your debts or being left without anything following the divorce, too.
The goal is to put together a prenuptial agreement that provides you with what you need upon divorce. Taking the time to set up an agreement while you’re both on good terms and love each other is smart, because you won’t be able to change your minds easily later on when times get tougher. This is just something to consider. If you’re concerned about bringing it up before marriage, don’t be. It can be beneficial for both of you and should be discussed.