Planning your wedding is an exciting time. There’s so much to do – book venues, meet with caterers and photographers, order invitations and a million other little things.
The last thing on your mind is creating a prenuptial agreement. But you may want to consider having one before walking down the aisle.
A prenup is about more than money
A prenup is a legal contract a couple enters into before marriage or a civil partnership. One of the most common reasons for a prenup is to protect each party’s separate assets, such as property owned before the marriage, inheritances or gifts.
It can dictate how assets such as the house, vehicles, and investments will be divided upon divorce and can include provisions for alimony.
Many people view a prenup as a cold, clinical document that focuses on the marriage’s end. But it can actually contribute to a healthier relationship.
Creating a prenup requires the couple to openly and honestly discuss their income, assets and debts. Having an understanding of each other’s finances can prevent unpleasant surprises.
A prenup can also protect each party from the other’s debts. It can ensure that if one partner has significant obligations, the other won’t be responsible for them if they divorce.
A couple can also ensure they have the same financial goals. A prenup allows them to decide how to share financial responsibilities and handle savings.
It can protect family property or business by stating that it remains in the family in case of a divorce.
The goal of a prenup is not just for protecting finances; it’s also about providing clarity and peace of mind for each partner. You will want to work with someone knowledgeable throughout the process to ensure your prenuptial agreement is legally binding.