Misconceptions abound surrounding prenuptial agreements. Marriage blogs and advice columns often push back against the need for a prenup, asking questions like, "why would you want to discuss terms for your divorce before you even get married?"
In truth, getting a prenup can make your marriage more equitable and give you invaluable peace of mind. There's a reason millennials get more prenups than previous generations, despite having a lower divorce rate. Understanding how a prenup (or postnup) benefits your marriage can help you forge a lasting bond with your partner.
Why Should I Get a Prenup?
There are several reasons you should consider getting a prenup:
You Want to Keep Your Finances Separate
It's no secret that money problems become a key issue in many marriages. You can use a prenup to keep your financial assets separate post-marriage, which can be useful for a few reasons:
- If one of you is wealthier than the other, it heads off the concern that the less wealthy partner is just in it for the money.
- If either spouse has considerable debt, their partner doesn't have to shoulder those liabilities in the event of a divorce or during the marriage.
- If one partner is financially irresponsible, keeping separate bank accounts or assets can encourage them to develop better spending habits.
You Have Family Property You Want to Keep with the Family
One little-known benefit of prenuptial agreements is that they can act as an extension to an estate plan.
If you have family property, like heirlooms, property, or a business, you can use your prenup in combination with good estate planning to stipulate that property goes to a family member, instead of being awarded to your spouse if you pass away, become incapacitated, or get divorced.
Avoid the Court During Property Division (if You Get Divorced)
Obviously you don't intend to divorce the person you're about to tie the knot with, but preparing for divorce can be important. You never know where life will take you (or your partner).
In the event you decide to go your separate ways, your prenup can help you divide your assets and debts equitably without getting the court involved. That can speed up the overall divorce process, saving you time, stress, and money.
Bond with Your Partner
Many spouses find that drafting a prenup together actually turns into a bonding experience.
Developing a prenup forces spouses to handle difficult topics with one another, like completely disclosing their finances and discussing how to handle a divorce. Tackling those difficult topics together can help you form a more robust, longer-lasting union.
At Bremer Whyte Brown & O'Meara, we're proud to provide high-quality prenuptial agreements. We'll work with you, your partner, and their legal counsel to draft a comprehensive prenup that helps you safeguard your best interests and form a stronger bond with your partner.
To schedule a consultation with our team, contact us online or via phone at (949) 229-8546.