No one ever wants to go into a marriage thinking they will get a divorce. But the process of creating a prenup can actually HELP your marriage. It forces you to talk about things, understand your financial portfolio, and sets expectations of behavior during the marriage as well as the results of the ending of that marriage.
A prenuptial agreement, or “prenup,” is a contract between two people who are about to be married. The prenup spells out each person’s financial rights and obligations during the marriage and what will happen to their property and assets if the marriage ends in divorce.
Prenups are not just for the wealthy. Anyone who owns property has significant debt or expects to receive an inheritance, or other financial windfalls should seriously consider signing a prenup.
If you’re considering a prenup, here are some things to keep in mind:
– Prenups can be as simple or complex as you want them to be. They can cover just about anything, from what will happen to your property and assets in the event of a divorce to whether you’ll have joint or separate bank accounts during the marriage.
– Prenups are not just for rich people. Anyone who owns property has significant debt or expects to receive an inheritance, or other financial windfall should seriously consider signing a prenup.
– Prenups are not automatically invalid if one spouse dies or divorces. In fact, many prenups include provisions for what will happen in the event of death or divorce.
– Prenups can be modified after the marriage. If your circumstances change, you can always renegotiate the terms of your prenup.
If you’re considering a prenup, talk to an experienced family law attorney who can help you understand your rights and options.