Despite the fact that the prenuptial agreement often represents the unsentimental side of marriage, experts often agree that it can actually help to build the foundation for a solid union. The process of establishing a prenup agreement generally involves reviewing one’s personal finances, expectations, and ideals, as well as discussing such concerns with one’s partner. Beyond that, addressing major lifestyle and financial topics before they become marital issues can be beneficial to couples as well.
According to Daily Finance, couples entering into their first marriage are much more reluctant to establish premarital contracts than others. Only around 3 percent of first-time marriages involved prenup agreements in 2010, while approximately 20 percent of second marriages included such legal considerations. These findings may suggest that people who have experienced marriage and divorce before appreciating the benefits of outlining individual and joint financial obligations early.
The American Bar Association discusses some of the benefits that can go along with exploring the various aspects of prenuptial agreements and explains that being open about one’s financial history and expectations can benefit a relationship in different ways. Considering that broaching the topic of creating a prenup encourages people to reflect upon their own finances and financial concerns, the process also leads couples to have open discussions about important marriage-related topics. For instance, discussing a prenup can give a couple the opportunity to decide whether and how they will combine assets and debts in marriage. Such conversations can also help couples recognize their own spending habits and priorities. It is important for someone who is more apt to spend money and prioritize life indulgences to understand his or her partner’s inclination to save for retirement and other long-term goals.
Another important aspect of establishing a prenuptial agreement is that it provides couples with the opportunity to explore their expectations regarding family planning and management. Each partner should be familiar and comfortable with the other’s ideas about marital obligations when it comes to raising kids and/or career changes.
Tags: Prenuptial agreement, marital contract
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