A couple on the brink of marriage should not only concentrate on the ceremony to start life off together on the right foot. They should address some legal and financial issues as well. A prenuptial agreement often divides people, but when appropriately framed, it can be seen as an insurance policy instead of a bad sign. Take a look at three ways this document may help a married couple from the start.
- It Helps Open a Dialogue on Financial Matters
Some couples don’t always talk about finances until after they wed. Failure to discuss this significant marital issue may result in fighting throughout a marriage. When a couple is not on the same page about how to spend and save money, it can result in hatred and, ultimately, financial ruin. A prenup centers mostly around the agreement between the couple on how to handle money. It, therefore, forces them to seriously contemplate their thoughts and feelings on things such as:
- Debt
- Shared accounts
- Beneficiary designations
- Spending habits
- Retirement goals
Talking openly about money before walking down the aisle may save a couple from one of the most divisive issues in a marriage.
- It Memorializes Your Agreement to Divide Things
Divorce is an expensive process in many ways. Court fees, attorneys and other expenditures make it something that spouses want to avoid at all costs. When a couple can agree on how they want to divide money and property before getting married, it can mean savings down the road. One of the most hard-fought issues during divorce is the division of wealth and debt. Having a basic framework laid out, however, makes it a moot point.
- It Provides Protection for Pre-Marital Property
Depending on where a couple resides, marital property may be divided either in half or more equitably. If there is no prenup to define what constitutes marital property, the couple may wind up fighting over things they want to be omitted. For instance, if one of them owned a house before marriage, but later added the other’s name, that house becomes part of the marital pot. In a prenup, the couple can define what makes up marital property and what is to be retained by the original owner. It can protect heirlooms and sentimental objects from getting caught up in conflict.
The goal of a prenup is not to doom a couple, but to make their marriage stronger and more resolute. Going over these difficult issues while happy can lead to a much stronger and longer-lasting union. Ask a family lawyer, like from The McKinney Law Group, for guidance in preparing the document properly.