Should I Get a Prenup?
Posted by: Brittany Moffitt
Did you recently become engaged? Are you planning a wedding this holiday season?
When preparing for a wedding there are many items to consider before the big day, including prenups. Couples may be hesitant to place this item on their list, but they can be very helpful when planning a future together. Many individuals have the misconception that prenups are only for wealthy celebrities. However, if you have assets such as a car, house or children from a previous marriage it’s something that is smart to consider.
What is a Prenuptual Agreement?
Prenups are a written agreement between two individuals before marriage centered around financial topics. They date back several thousand years, and while the laws and customs have changed over time, the basic purpose of the prenup has remained the same. Couples use them as basic insurance- something you hope to never use but, like fire insurance on your home, would be negligent to live without.
Why do couples get prenups? At the start of a relationship, everything seems perfect and you see the world through rose-colored glasses. You understand that a majority of marriages end in divorce, but you are the exception to the statistic.
Unfortunately, this is often an optimistic view.
Every relationship is different, so a prenuptial agreement may or may not be the best choice depending on your situation and unique relationship. Nonetheless, it’s good to have a basic understanding of the concept, and it may prove beneficial for you as you take this next step in your life.
Drivers in the United States are required to obtain car insurance because the consequences of not having insurance can be devastating. In the same way, prenups protect you from the devastating effects of divorce.
Good Reasons to Plan Ahead
If you fall under the circumstances listed below, you should consider getting a prenup.
1. Does your future spouse have a large amount of debt? This is the biggest and possibly one of the nastiest parts of divorce. If your future spouse has a large house payment or has racked up credit card debt, once you are married that debt now belongs to you. If you get divorced, your spouse may legally obligate you to pay part of the debt you had no part in accruing. Prenups can detail which party is responsible for which financial obligation.
2. Is this a second marriage for either of you? If so, know that the chance of divorce goes up significantly. Finances may have already become complicated due to the previous divorce. Prenups can prevent further complications and tangles in finances. They can also help finances in your marriage remain private.
3. Do you have children? Did you ever hear the story of Cinderella? A prenup could have prevented that wicked stepmother from being terrible to Cinderella. Don’t be like Cinderella’s father; protect your children from the ugly complications of divorce by outlining what finances or properties will be yours or your children’s upon your death or divorce.
4. Are you far wealthier than your future spouse? One way to make sure that your spouse isn’t marrying you for your bank account is to ensure your finances won’t be stripped from you in the event of your relationship not working out.
5. Will your fiancé be the breadwinner? If you are planning on staying home to raise your children, a divorce could be a tragic end to the lifestyle you had during the marriage. A prenup can detail financial plans for taking care of you after divorce.
Talk It Over
If any of these categories apply to you, a prenup is a wise thing to talk over with your fiancé before tying the knot. Going into marriage with these complications, and without a prenup, may prove a dangerous affair.
We invite you to visit Burton Law and talk to our attorneys about your concerns. They have the knowledge and experience to help you make the best decision for you and your future companion. Furthermore, knowing you have spoken to a professional and have secured your future against unforeseen events will help you feel less stressed on your big day.