Prenuptial (prenup) agreements are sometimes portrayed to be for the wealthy and celebrities only. But nothing could be further from the truth, as prenups can benefit anyone who wants to get married.
Here is why you may need a prenup:
They can cover most money matters
You don’t need assets worth millions of dollars to sign a prenup. This agreement can cover almost all money issues. You and your soon-to-be spouse can agree on how you will handle debt, bank accounts, spousal support, inheritances, real estate and so on if your marriage ends in divorce.
Essentially, you can use a prenup to distinguish the assets that should be considered separate property and how to distribute marital property if you dissolve the marriage, regardless of the current value of your assets.
They can describe the responsibilities of each party
A prenup can offer benefits unrelated to divorce. Some couples use it to list special arrangements, such as management of household expenses, management of joint bank accounts, savings contributions and investment arrangements. Cases of people including household chores, random drug testing and other unexpected clauses are not uncommon.
Thus, you and your partner can agree on clauses that work for you and include them in your prenuptial agreement.
They encourage vital conversation
Whether or not you sign a prenup, starting the conversation can benefit your future marriage significantly. When the prenup topic is on the table, you and your soon-to-be spouse can discuss crucial topics, including debts, income and supporting kids from previous relationships, if there are any, among others. Accordingly, you and your partner can be on the same page before marriage.
Prenups are not just for people living in expensive neighborhoods or reality shows. Obtain more information about this agreement to make decisions tailored to your case.