Are you getting married sometime soon? That’s great news. Getting married to your significant other is a heavenly feeling. Most of the couple believes that their wedlock will last “till death do us apart”. Why wouldn’t they? They certainly do not want to think about a sad, tragic ending to their life together. But bad things do happen. What if this feeling doesn’t last long? What if you are cheated by your partner? What if there is a sudden demise of your better half? There are tons of other “what ifs” that can make your marriage go wrong. This is where prenuptial agreement 101 can come to your rescue.
What is a prenuptial agreement?
Nothing can kill a romance faster than the word “prenup”. And nothing can save you from a messy divorce faster than a prenup. So it is very important for the couples to sign a prenuptial agreement prior to their marriage. But this is entirely a personal matter and both the partners should discuss openly about it before signing the agreement.
A prenuptial agreement is a smart and legal financial planning by two people before they get married. It can also be called premarital agreement or ante nuptial agreement. Its sole purpose is to settle monetory matters in advance in the event of either a divorce or death. You don’t have to be a celebrity or a millionaire to need a premarital agreement. Many non-famous, ordinary people are now opting for prenups before their marriage.
How to obtain a prenup?
If you and your partner are planning on signing a prenuptial agreement, then these basic guidelines might come in handy:
- Take a healthy move towards to talk to your partner about the finances and then discuss what will happen to the money and posessions you share if you break up
- Talk about this as soon as possible. Don’t wait till the wedding draws near.
- Study the laws surrounding marriage and divorce and decide whether or not you need a prenup
- Before seeing your attorney, talk openly with your partner, be honest and get on the same page
- Sign the agreement as early as possible before your marriage because if the document is signed few days before the wedding, the judge might think that one party was forced into signing it an will reject the contract
- Sign the agreement in the presence of a lawyer and sign three copies; one for each partner and one for an independent lawyer
- Finally, think whether you can trust your spouse or not. If you cannot trust that person, then rethink the upcoming marriage
Perks of the prenuptial agreement
The many advantages prenups bring to you are as follows:
- Protects your financial stability
- Supports your estate plans
- Protects the financial stability of your children
- Reduces conflicts between the partners as the agreement dictates how the issues should be handled
- Keep the assets separate as the state divorce laws decides what is and isn’t a marital asset
- Protects against joint liability for debts and preserve assets for both spouses
So there you go. The gist of what a prenuptial agreement is.