When you get married, you probably aren’t thinking about the possibility of divorce. Unfortunately, a large percentage of marriages end this way.
Planning ahead is smart for anyone. Part of this planning may include a prenuptial agreement.
What is the prenuptial agreement?
This is an agreement signed by both parties before marriage. It outlines what will happen to your assets, property, income and debt if you divorce.
Requesting a prenup from your fiancé
The conversation of creating a prenup can be difficult; however, it doesn’t have to be. Try to focus on the financial aspect of things between you and your future spouse, and don’t make it personal. The purpose of a prenup is to protect both people in the relationship.
Top reasons to consider a prenuptial agreement
When it comes to creating a prenup, there may be more than a few reasons to do so. However, if you aren’t sure it is necessary, consider these factors:
- You or your spouse is high income
- You or your spouse has children from a prior relationship
- You or your spouse have significant assets
- You or your spouse has significant stock holdings
- You or your spouse own a business
- You or your spouse have significant debt
Your situation is unique, and therefore, you must decide if a prenup is right for you. However, it can help prevent serious conflicts and other issues if your marriage ends in divorce.
Do you need a prenup?
While the above isn’t a comprehensive list, it gives you an idea of situations where having a prenup can be beneficial. It’s a good idea to consider this if you plan to marry soon.