Whether or not you create a prenuptial agreement before your wedding day depends on many details, including your personal beliefs and your current financial standing.
This is a personal decision that should never be taken lightly. Instead, you need to learn more about creating a prenuptial agreement, including the many benefits.
Here are some of the reasons why a prenuptial agreement could be just what you need.
— You can document the separate property that each individual is bringing into the marriage, thus ensuring that it’s not subject to division in the event of divorce
— The ability to make note of any special financial arrangements between you and your spouse
— The opportunity to protect business interests
— To reduce conflict during the divorce process
— To assign debt to one or both individuals in the event of a divorce
— To ensure that any children from a past marriage remain in your financial plans for the future
Asking for a prenuptial agreement
Even with so many benefits, many people shy away from creating a prenuptial agreement. There is one primary reason for this: They don’t know how to discuss the matter with their soon-to-be spouse.
If you know that a prenuptial agreement is a good idea, you should feel comfortable talking things through with your partner. This is not always the easiest conversation, but it’s one that you need to have.
It’s important that you explain that a prenuptial agreement is not a one-sided document. Just as you are gaining protection, the other person is in a position to do the same.
Once you and your partner decide that a prenuptial agreement is the right approach, you can then work through the finer details of creating a document that suits both your needs.
For some, a prenuptial agreement is a must. For others, this is an afterthought. Although you may not move forward with this idea in the end, you should at least look into what it could do for you.
Final tip: A prenuptial agreement is a legal document so it should be treated as such. This isn’t something you “write up” and sign in your spare time.