For years, many people considered prenuptial agreements to be something only for the wealthy who care more about their finances than their marriages, or the kind of legal tool one spouse might use to ensure that the other spouse gets nothing in the event of divorce.
While there are examples of both of these uses, prenuptial agreements offer benefits that can strengthen and protect any couple, not only those with significant assets. If you are considering marriage, be sure that you fully understand the benefits of a prenuptial agreement before you miss the opportunity to create one for your own family.
Protection from debt
These days, few people make it through life without accruing some debt. A person who may make a wonderful spouse may also carry significant debt, and without proper protections, this debt may impact their future spouse significantly.
Marital property includes both assets and liabilities, which means that both spouses share legal liability for each other’s debts. It is easy to see how sharing liability for your spouse’s debt can strain the relationship, and conflicts around money are one of the most common issues that lead to divorce.
With a prenuptial agreement, it is possible to separate your debt from your spouse, and vice versa, creating protections against some of the most stressful experiences any marriage might go through. In this instance, having a prenuptial agreement just might save your marriage rather than weaken it.
Another important part of any prenuptial agreement is actually sitting down to create it. In order for the agreement to hold up in court, each party must have a reasonable understanding of the agreement and a basic understanding of the other spouse’s finances. Many couples simply avoid dealing with these issues until they are already married, and at that point it is very difficult to think about these things clearly.
As you and your loved one create a prenuptial agreement, you have a great opportunity to set the tone for the kind of marriage that you want to have and to build an understanding the things that you both value. Not only does creating a prenuptial agreement offer practical legal protections to both spouses, but it creates a framework for understanding your partner’s thoughts in areas that may otherwise never come up until it is too late.
Don’t overlook the many ways that a prenuptial agreement can strengthen your marriage and help it succeed. These agreements are not simply pre-made divorce plans, they offer real security to those who understand how to use them. Protect the one you love and your own rights with a prenuptial agreement that works for you.