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If you’re getting married soon, then a prenup may be something you might want to look at. While once seen as something more insulting, it’s slowly becoming the norm, especially for millennials and Gen Z who are getting married.
So, what is a prenup? A prenuptial agreement is a contract that outlines the rules and conditions of a marriage before it takes place. Prenuptial agreements are becoming increasingly popular, with more than half of all marriages now involving one.
There are many benefits to consider when entering into one, such as ensuring that you have financial security and protecting your assets in case of divorce. This can also be a way to make a divorce less sour as there will be agreements already put into place that both parties must agree on. While there is a lot to think about before getting married, here are some additional things you just may want to keep in mind that is beneficial.
They help protect your assets from being taken away by your spouse in case of divorce
The divorce process can be stressful, overwhelming, and confusing for everyone involved. Now, by using a divorce agreement before divorce (or marriage) occurs, Whether you own a business, property, wealth, stock, or whatever, a prenup can protect these things; while you work on epic ways to grow your wealth, you’ll be to feel assured throughout this entire process when having a prenup in place.
They help you to avoid tax complications and the burden of paying for their debts
This is something that sadly happens. If you’re marrying someone who has a lot of debt, when you get married to them, it’s your debt too. However, a prenup will protect you from that. Both debt and assets will stay completely separate from both parties. This can honestly make the financial aspect in the relationship feel a lot easier too. Your partner should incur your debt, and it’s only fair you don’t incur their debt either.
They are helpful for saving time and money on litigation during divorce proceedings
This is something a divorce lawyer will highly recommend. Divorces are usually quite sour, so when money goes into it, it only makes it a lot worse. However, by having a prenup well in advance, the entire divorce proceedings will go drastically quicker. This can save on meetings, anger, frustration, confusion, and trying to fight for what is rightfully yours. No one likes thinking of the idea of a potential divorce, but this is something that needs to be put into consideration.
They can help avoid inheritance disputes between children from different marriages and parents
There have been problems in the past that when a parent gets into a new marriage, a legal blurred line happens where the new spouse and stepchildren are then entitled to assets. However, a prenup will instantly protect the inheritance from going to someone that is not their kids. So, this alone makes it an excellent idea to have a prenup.
Some prenups also provide protection against domestic violence and custody
Of course, you’ll need to prepare this well in advance and talk to a lawyer about it. Not all prenups are the same, but this can honestly be very beneficial as this is a way to keep yourself and your children protected, and vice versa.