After getting engaged, the thoughts on a couple’s minds are usually focus on the upcoming wedding or possibly moving in together. Less often does the thought of a prenuptial agreement spring to the forefront of the happy couple’s minds. But maybe it should. Given current divorce rates it’s best to plan for the future when you are in love and in agreement on most matters.
There are a lot of misconceptions surrounding prenuptial agreements and what kinds of matters are entailed within them. Basically, a prenuptial is an agreement between the soon-to-be married couple that sets the terms of property rights for their marriage. It can cover areas such as who owns what debt, and ownership of assets after death. It’s great for setting the stage for financial discussions between the couple.
A lot of people think that prenups are only for protecting a wealthy person in case of a divorce. This is not true; there are lots of instances when it could benefit people who are not worried about retaining their assets. For example, it can help clarify financial rights or responsibilities like who pays for what and when. It could state that both parties should pay for the mortgage equally, from both paychecks in a joint bank account, for example.
There are many benefits of prenuptial agreements. Even if the main benefit being that a couple sits down and has an honest discussion about their finances and financial expectations in the marriage. This could help prevent future disagreements or confusion about money. The goal of all prenuptial agreements is a long and happy marriage.