For a couple on the verge of marriage, the last thing they would want to talk about is the possibility of divorce. While many people think that the sole purpose of a prenuptial agreement is to proactively plan financial decisions in the event of a divorce; that is not entirely true.
There are many decisions that are applicable during the course of a marriage as well as decisions that could be made in the event of a death during a marriage that may also be included in prenuptial agreements.
In addition, a prenuptial agreement may also include what financial decisions are to be made during a marriage.
This could include simple things such as who is in charge of the checkbook and how much spending money each spouse is allocated each week, as well as how each spouse's income is distributed, how money is deposited and taken from different bank accounts, how the bills are paid and how investments or savings are handled. Your prenuptial agreement may also include not just everyday spending but long-term goals as well.
If you are on the verge of marriage, it may be wise to seriously consider a prenuptial agreement. A prenup can help a couple during marriage and does not have been brought up in conversation as only being related to the possibility of a divorce. Having this discussion with your soon-to-be spouse may be tricky; naturally, there will be hesitation and potentially negative emotions if it is brought up. But if you can open the discussion by talking about the benefits of a prenup during a healthy marriage, it may be easier to discuss.
Source: American Bar Association, "Premarital Agreement Issues Checklist," Accessed June 29, 2017
Tags: Divorce
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