Many people view prenuptial agreements (also known as prenups) as a plan for a marriage’s ultimate demise. This is not the most romantic subject to consider when you’re planning your wedding. However, a prenup is not just a contract that lays out who gets what in the event of a divorce. There are many other things that can go into this document – which can actually help to bolster your marriage:
Getting on the same page about money
Money is the number one cause of conflict in a marriage. It’s also a subject that many couples fail to discuss before getting married. A prenup (or postnup – if you’re already married) can help you and your spouse get on the same page about your finances.
If your partner has accrued $50,000 in student loan debt, do you stand to inherit responsibility for this debt once you get married? Are you in agreement about financial planning – such as saving for retirement or your children’s college education? A prenup can help you iron out these details.
Responsibilities to others
If you or your partner are coming into the marriage with children from a previous relationship, a prenup can help you map out the finer details of your blended family. What will be your responsibility for any stepchildren? Are there children with special needs to consider?
Planning for medical emergencies
No one likes to think about their own mortality. But when you’re starting a life with someone else, it’s important to make sure everyone in your family is cared for if you suddenly become incapacitated or pass away. Do you have a power of attorney designated? Do you have a life insurance policy with updated beneficiaries?
There are a wide variety of things that can go into a prenup. It doesn’t need to be a blueprint for divorce – it can also be a road map to a successful marriage.