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Why You Need a Prenuptial Agreement

Friday, June 05, 2020

What do you think of when you hear the word, "prenup"? Maybe that a prenuptial agreement is only for the rich or for couples who really don't expect their upcoming marriage to last? 

The truth is that a prenuptial agreement provides a lot of benefits for everyday couples. It does not mean that you expect your marriage to fail or do not trust your partner. Instead, a prenup can provide peace of mind by honestly putting financial matters on the table before you say, "I do".  

First, What Exactly is a Prenuptial Agreement?

prenuptial agreement is a contract created and signed by two people before they marry. It outlines what will happen to their assets and debts if the marriage ends in death or divorce. Here are a few reasons that you and your partner might want to consider one.

Protects Children from Previous Marriage

If you have children from a previous marriage, then a prenup lets you spell out what property your children will receive when you die. It prevents a spouse from claiming property that children are meant to inherit.

Outlines Financial Responsibilities

Individuals entering into marriage may have very different outlooks when it comes to finances. For example, one might be a spender while the other is a saver. A prenup can outline exactly who has what financial responsibilities during the marriage and can help smooth tensions when it comes to managing household finances.

Eliminates Arguments in Case of Divorce

If the marriage does end in divorce, then a prenuptial agreement can eliminate arguments about how to divide assets. Indeed, all of that is already spelled out. This can help make an already difficult situation, less so.

Learn More About a Prenuptial Agreement

So, although a prenuptial agreement is not particularly romantic, it can protect the financial well-being of your children, outline financial responsibilities during the marriage, and reduce conflict in case of divorce.

If you are entering into a marriage and are interested in creating a prenup, then please contact us. Our team looks forward to working with you!