Young couples in Colorado planning their weddings may be wrapped up in choosing a venue, a caterer, flowers, the perfect dress, and all the other wedding details. What they may not be so wrapped up in, however, is executing a prenuptial agreement. Many may even feel that they don't need one because they do not have much in the way of assets, and, out of naivety, believe divorce could never happen to them. However, no one can predict the future, so it is best to be prepared with a prenup.
First of all, even if a couple never divorces, executing a prenup means they will have had to have some honest, serious conversations regarding their assets, debts, and finances both now and those that are projected to exist in the future. These conversations can make a couple's marriage stronger, and, should they divorce, the divorce process may run smoother if property division issues have already been decided upon in the prenup.
Not only can prenups address assets, but they can also address debts. For example, many young people these days carry student loan debt. While the student loan debt incurred prior to marrying their spouse may be separate property, student loan debt incurred while married may be viewed as the responsibility of both spouses. By executing a prenup, a spouse can protect their partner from having to take on their partner's student loan debt.
Prenups can even contain lifestyle clauses. For example, a prenup can contain a "gag order," an order to protect the parties' reputations. Goodwill clauses can also be included so that the parties cannot publicly trash each other should the divorce get messy. Some prenups even contain social media clauses, which limit what a party can post on social media platforms about their ex in the event of a divorce.
As you can see, even those who are not famous and wealthy can benefit from a prenup. Not only can they protect one's assets and, in some cases, reputations in the event of a divorce, but they can lay the groundwork for open and honest communication about finances, something that can benefit the marriage for years to come.
Source: Money, "Why You Should Get a Prenup Even If You're Young and Broke," Erin Lowry, June 2, 2017
Tags: Divorce
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