How a prenup could help your marriage

Prenuptial agreements or “prenups” are no longer the taboo they once were. These are agreements made by soon-to-be spouses establishing their individual rights and properties and even their debts in case their marriage ends in divorce.

Once viewed as unromantic and pessimistic, many younger couples are beginning to see the advantages of having a prenup and how creating one could benefit their marriage.

The benefits for a marriage

If you and your spouse decide to draft a prenup, your marriage could benefit from the following:

• Improved communication: Entering a prenup requires that partners openly discuss assets and wealth and the expectations of each on the division of assets. This can help nurture a sense of trust and honesty between spouses.
• Sense of security: Couples generally do not enter the marriage planning for divorce. A prenup can assure both spouses that even if their union does not last, the assets they build together, their individual financial situations and even their children’s futures will be secure.
• Debt protection: If one spouse enters a marriage with significant debt, this could mean that their partner may also take on the debt. A prenup can protect a debt-free individual from assuming obligation of their partner’s debt.
• Emergency preparation: A prenup denotes how one spouse wants their assets distributed to the other in the event of their death or disability. This may even help protect the assets you want to pass on to your children from previous marriages and loved ones.

With these benefits in mind, it is time to consider that a prenup does not have to be a bad thing for your marriage. Having one can ensure a secure outcome for you, your partner and even your loved ones if your marriage does not end happily ever after.