Often when young couples get married, they are broke, living check to check, and trying to pull their funds together to buy assets and to make smart financial decisions. If you know that you are in line to inherit money, make a large amount of money, or that you may come into business ownership or other ventures, you want to talk with a lawyer about getting a prenuptial agreement.
This isn't the most romantic thing to talk about when you are ready to wed, but it's something that can save you from a lot of complications later on. Divorce, a medical mishap, or many other problems could arise where you aren't able to protect yourself financially, and you'll be glad you had the prenuptial agreement drawn up. Here are the top reasons to make this move.
You Have to Communicate Before "I Do"
A lot of people are able to settle financial conflicts or questions before their wedding when they put a prenuptial agreement into play, and they also often find out things they didn't know the other soon to be spouse was expecting. It may come out that a soon to be husband knows he's soon coming into money, or that a mother plans to stay at home with the kids and not work.
Getting a prenuptial agreement is a great way to set out the financial expectations for the marriage in advance, preventing conflict later on. This can take a lot of stress and strain out of a marriage.
Everyone is Protected
Both parties are protected when a prenuptial agreement is in place. The agreement will protect both parties by:
- Speeding up the divorce process
- Reducing divorce legal costs
- Eliminating fear or doubt about finances in a divorce
- Agreeing to alimony or other things in advance
- Outlining the financial future
If you are the person making more money, you are protected, and the person making less money can get their own lawyer and make sure that they won't leave the marriage empty-handed through negotiations.
Don't be afraid to talk with your soon to be spouse about getting a prenuptial agreement, even if right now you can barely pay the rent. There may be a situation later on that will benefit if you have one in place, and it can be a great way to make sure that you and your partner are both on the same page with finances. For more information, contact your local law firm.