With the high divorce rate in the US, couples entering into a marriage should ensure they are making the right decision before they say “I do.” Even after doing so, planning for an “unhappily ever after” is important. Couples should plan for their financial future by use of a prenuptial agreement to ease the difficulties of divorce.
Let’s be real, you and your honey are probably thinking, “No, we do not have to go through the stress to sign a prenup, we will stay together forever, so the possibility of divorce is not an issue.” I sure thought this, myself; I told myself that I did not have to obtain a prenup, even though I did have a few investments I would not like to lose and I had confidence that our marriage would be everlasting. But statistically, planning your financial future is imperative if the couple has any financial items set in place before the marriage.
Reasons to obtain a prenup
You should consider arranging a prenup if you have assets such as real estate, stock, or retirement funds, you own a business, one of you is much wealthier than the other, or has a much higher salary. If you plan on receiving an inheritance, have children or elderly family members, or plan to support your spouse through college you should consider a prenup. Bankrate.com. “Everything you need to know about prenuptial agreements.” http://www.bankrate.com/brm/prenup.asp
Start an open and honest conversation
If you or your spouse fit into any of these categories, I suggest signing a prenup to gain financial security for your own personal future. It is a difficult and unromantic topic to discuss, and starting a constructive conversation is the hardest part. You and your future spouse should talk openly about signing this type of agreement. Ensure the conversation is started in a positive atmosphere where you both have time to discuss the advantages and no one becomes defensive. Assess the need of the prenup honestly; we put ourselves in the other person’s shoes and found it to be helpful in understanding. It’s easy to become distrustful or cynical towards your future spouse after bringing up the topic, but realize that there are benefits for each party. I found it helpful to have these advantages prepared – written down – to share with my future spouse before I began the conversation.
Once you and your future spouse decide a prenup is an important tool in your marriage, there are specific steps to follow, which can be found in this Prenuptial Agreement Overview.