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Do I need a prenup?
Congratulations on your upcoming marriage! We are so thrilled you found your soulmate to tackle life’s ups and downs together! Before you say “I do,” don’t forget the most important pre-wedding detail: a prenup.
Do you really need a prenup? Let’s discuss…
Perhaps a prenup is the norm in your family. Maybe you’ve been recommended a prenup by your aunt, financial gurus, or just from your own research?
Today’s prenups aren’t just for the rich and famous. In fact, there are many ways a prenup can protect the less wealthy spouse!
There are many factors to consider when deciding whether a prenuptial (or sometimes referred to as premarital) agreement is right for you and your future spouse.
- Do you or your fiancé own any real estate?
- Do you or your fiancé have student, credit card, or medical debt?
- Have either of you been married before?
- Do you plan to have children?
- Do you plan to return to school for further education or training?
- Is there a large difference between you and your spouse’s current (or potential!) income?
If you answered yes to any of the above questions, a prenup may be a good idea for you and your spouse. Still asking yourself, “Should I get a prenup?” Take our quiz below!
Benefits of a prenup
What can a prenup do? Why should you consider one? Well, here are (some) of the many positives to obtaining a prenuptial agreement:
Due to the financial disclosures required, a prenup allows you and your future spouse to sign up for married life together with zero financial “secrets.” No secret credit card or car loan here… Knowing where you both stand allows you to create financial goals like saving for retirement, buying a house, and starting a family with confidence!
Protections against the debts of the other spouse.
Either of you have student debt?
Without a valid prenup, you could be liable for your spouse’s debt. A prenup can allow you to define whose debt is whose going into your marriage.
Provide for your children
If you have children from a prior relationship, it is important to ensure that, going into your new marriage, assets intended to be passed down to your children are classified as separate property.
In the event of a divorce, will one of you keep your pet? What about medical expenses? This issue is often overlooked, but is important for all animal lovers.
Protect your Business
If either you or your future spouse have entrepreneurship on the brain, you may benefit from a prenup. A premarital agreement allow you to protect your business from being negatively impacted in the event of a divorce.
Retirement funds, stock options, crypto, joint bank accounts. How will you handle these when you start off your married life together? A prenup provides a clear picture of you and your fiancé’s joint financial power.