Getting married is a joyous occasion that takes a lot of preplanning to make sure the day is perfect. On top of setting up things for the guests, finding a venue, and the perfect dress; there’s also the legal side of it. A marriage license is a must, but something most people don’t always think of is getting a prenuptial agreement.
It seems like typically when someone hears the word “prenup"; they give off the impression that it’s only for celebrities, or the very wealthy. While a prenuptial agreement may not be for everyone, it is more widespread than one would assume. So what exactly is a prenup and what are some of the benefits of having one? Search no more; we have the right answers for you!
A prenuptial agreement is a written contract between two people before they are wed. It lists properties and possessions owned by the individuals getting married, as well as debts owed individually. If any of the following pertain to your situation, you may want to look into preparing a prenup agreement;
- If you own rental properties, various homes, acres of land, etc. that were purchased before the engagement/marriage, you can list this in the contract to keep said property separate from your spouse’s property.
- Every situation is different; a prenup can also include any unique terms that pertain to a specific situation in the relationship.
- Debts can be treated the same as wealth when it comes to prenuptial agreements. If a spouse holds a high amount of debt that was pre-existing to the marriage, it can be included in the contract and not required to be split between both parties.
- It can secure any messy legal fees being tossed back and forth in case of a divorce.
Prenuptial agreements have the reputation of being cast in a negative light that the thought of bringing it up could lead to arguments about trust. This couldn’t be further from the truth, as it can help build a relationship. It makes both parties talk about serious issues like those to do with money (and let’s be honest, almost everything costs money nowadays). Communication is critical ina marriage and putting it all out on the table with a prenup contract can lay out a strong foundation for years to come.