From dating to marriage, couples make serious and difficult decisions all of the time. Thus, it is not rare to consider the many 'what-ifs' in life. A couple's status can change from when they first meet, meaning that marriage can bring many ups and downs. Because income fluctuates, assets change, the size of a family can grow, a family business could be added and family inheritances could be collected, spouses should take steps to protect these assets now and for the future. No one can predict the future, or whether a marriage will last. This is where a prenuptial agreement can come in handy.
Why is it important to include a prenup in your marriage? While the term itself is a bit unromantic and shocking to some, couples should not focus on what they see in the media. Prenuptial agreements are not just for celebrities or wealthy couples. Because the divorce rate floats around 50 percent, it would be irrational to not consider a divorce a possible life event.
Initiating the conversation before marriage is not easy by any means; however, it is best to at least begin the process of considering a prenup before the big day. It is not an easy process, drafting a prenuptial agreement. It takes much planning and requires the collection of documents to gain a full financial picture of each spouse-to-be.
The biggest benefit of drafting a prenup is not the fact that it can ensure the protection of your income and assets, but rather that the process can cause the couple to be upfront and involved in honest communication. Having this discussion when you are happy and in love is much easier than when you are embroiled in emotions and in a heated divorce.
While talking about the possibility of divorce is never easy, it is a reality that all couples should at least acknowledge. If you are considering a prenuptial agreement, are in the process of drafting one or are even seeking to enforce or invalidate a current agreement, it is important to fully understand your circumstances and what you can do to better protect your rights and interests.
Source: Business Insider, "Here's why every couple should get a prenup," Emmie Marin and Libby Kane, Nov. 15, 2016