More couples are signing prenuptial agreements than ever before, and this is not because they see celebrities doing it. The current economic climate simply makes a prenup a financial safety net for those headed to the altar. Some people have reservations about signing a prenuptial agreement. Is it an indication that your marriage may end in divorce?
Having a healthy conversation
Many experts, divorce attorneys included, believe that every couple should have a prenuptial agreement. It forces people to engage in a pre-wedding discussion about their separate assets and how they should be managed. Talking about finances and dealing with foreseeable economic issues can even help prevent a breakup; communication problems represent the leading cause of divorce in our modern world.
Protecting what you own
Each person may own property of some kind: a home, a business, investments or bank accounts. One person may be worth more than the other, and in the event of divorce, he or she may wish to keep the assets that were owned separately before going into the marriage. Future events should be considered for inclusion as well. For example, one person may be in line for an inheritance and the disposition of that benefit should receive mention in a prenup.
Ensuring care for loved ones
One person may have children from a previous marriage or an elderly parent who depends on her or his care. Financial support may play a vital role in such cases. Both parties might want to include directives about assets and to whom they should be distributed in the event of divorce.
These days, considering the high cost of college tuition, one party-or both-may deal with the payment of a student loan. There may be large credit card debt, as well. Not a problem. Sharing debt has become popular with newlyweds, and these people do not have to be fresh out of school. Older people who sign prenups may wish to share other kinds of debt, such as 401K loans or unpaid medical bills.
Smoothing rough waters
No one wants to think about divorce, especially a couple that has just gotten married, but even as they float into wedded bliss, newlyweds have to be realistic: divorce happens. Attorneys who specialize in helping people get through a contentious and devastating breakup know that a prenuptial agreement would likely have made the inevitable a good deal easier to bear. If you think such an arrangement might be in your future, now is the time to seek legal advice.