The Case for the Prenuptial Agreement: Why You Should Consider Having One
Many now-divorced couples thought that their marriage would last forever, but unfortunately, it didn’t. Although skeptics think that discussing or creating prenuptial agreements is like signing a death certificate for your marriage, it doesn’t have to be. A prenup could actually help you with the following:
Jump-starting “The Talk”
When you get married, you and your spouse would be tied to each other’s financial issues. This includes debts. Creating a prenuptial agreement will enable the both of you to open up about your assets and debts, how you plan to handle savings, retirement, and investments. Renowned divorce attorneys in Long Island say that this is likewise a great opportunity to know how different or similar you are with spending habits and finances.
If You Plan to Live in a Community Property State
Some states in the U.S. are community property states. This means that if a couple divorces, the court will divide their total assets in half — and that’s it. If you own a property or a business that’s been in your family for generations, your ex-spouse might end up with it or be sold to divide the difference with your ex-spouse.
Second or Delayed Marriages
If you or both of you are looking to protect assets before marriage, then having a well-crafted prenuptial agreement is necessary. This also applies if you’re planning on getting married for the second time. Hopefully, you’ve learned from your previous divorce how it could be damaging to your finances and opt to have a prenuptial agreement the second time around.
Deciding whether to create a prenuptial agreement or not might seem weird, awkward, pessimistic, and unromantic, but it doesn’t have to be. Being honest and open regarding your concerns and expectations about your finances could help set the tone for open communication throughout your married life.
Remember that not all marriages end well. While this is unfortunate, being realistic will help you save time and stress in case your marriage doesn’t work out.