Fact: Disagreements about money are the leading cause of divorce. Couples who argued about money early in their relationship, regardless of their actual incomes or net worth, were much more likely to end up in divorce court.
On the other hand, couples who talk to each other honestly about how much money they have and are likely to make in the years ahead, and how they choose to spend their money, are more likely to stay together.
Money Talk: It’s Not Easy, But It’s Important!
At this point in your relationship it could seem pointless. After all, couples marry for love, not money, so who needs to work out the financial details and property division of a break-up that the couple hopes will never happen? According to U.S. News, even married couples may want to consider revisiting what would happen in the event of a divorce.
Having conversations about finances can be tough. How we view money, just like how we view politics, religion, or child-rearing, shapes the way we see the world and experience family life. It also taps into our deepest emotions and childhood memories.
Because of that, many people don’t talk about money before the wedding. And they too often learn the hard way that this was a costly and heart-breaking mistake.
It doesn’t have to be that way.
A prenuptial agreement can prevent this heartache and expense. It’s primarily about money—what assets you and your future spouse have prior to the marriage, and what you would take from the marriage due to death of your spouse, or divorce.
Prenuptial Agreements Mean the Financial Burden is Shared Fairly
A prenuptial agreement could be a good idea if any of the following are true in your relationship:
- You have more assets and more money than your future spouse, or your future spouse has more than you. A prenuptial agreement protects the interests of both parties.
- You earn more much money than your partner, or are likely to earn much more in the future—or you are likely to earn much less money in the future (by quitting your job to raise children, for example). A prenuptial agreement helps ensure that the couple’s financial burdens are shared fairly.
- You or your partner brings a great deal of debt into the marriage. A prenuptial agreement makes it clear that the partner bringing the debt is held responsible for it if the marriage ends.
- You or your future spouse is the part owner of a business. A prenuptial agreement protects the interests of the other business owners in the event of your divorce or death, and also prevents the remaining spouse from incurring any liability associated with the business.
- This is not your first marriage. A prenuptial agreement makes clear who will pay any expenses related to children or other financial obligations from previous marriages, and also stipulates how your assets will be divided in the event of divorce or death.
Getting It In Writing Now Means Peace of Mind Later
Some people think getting a prenuptial agreement implies that the marriage is not likely to last, or that the financial bottom line is more important than love and romance, that is not necessarily the case. While no prenuptial agreement is perfect, having one in place before you get married could bring you much more peace of mind during another time of stress and high emotion—divorce or the death of your spouse.
Get Legal help
If you want to discuss a prenuptial agreement, our attorneys are glad to answer your questions and provide legal guidance.
C.E. Borman & Associates is a law firm that helps people with estate planning, probate, family law, divorce and other related issues.