It is hard to find the person you want to spend your life with. Now that you have, you feel lucky, and you cannot wait to start your life together. You have heard of prenups, but you are not sure it is the right decision for you and your future spouse. Here are four reasons to sign a prenuptial agreement.
Forces conversations about money
One of the most common things couples argue about is money. Couples even split up over financial disagreements. When you sign a prenuptial agreement, you and your soon-to-be partner sit down and talk about money. You find out what your future partner owns, owes and his or her financial goals. You also reveal the same information. Creating a prenuptial agreement forces financial honesty from the beginning of your marriage, and it could prevent later arguments.
Protects certain assets
You may already own assets like a home, a retirement savings account or a treasured painting from your grandma. Separate property typically remains separate after a divorce. After you are married for some time, your assets start to co-mingle. You may have a hard time proving your treasured painting is solely yours. If you want to protect certain items, a prenuptial agreement can stipulate that.
Prevents an ugly divorce battle
You and your partner are not planning to divorce. However, it happens. By drafting a prenuptial agreement, you decide together about asset division. The court does not get to make these decisions. It also allows you to make these decisions now, while you are both calm and rational. It can prevent hard decisions that may lead to hurt feelings in the future.
Social media clause
So much of your life is lived online now. You share the fantastic burger you ate, the deal you got on those new boots and your new promotion. You also share the bad things like your never-ending flight delay and your car breaking down on your way home from work.
When people get divorced, they often share the ugly details of that online too. An increasingly popular thing to include in a prenup is a social media clause. A social media clause usually states that neither you nor your ex can say nasty things about each other online or share embarrassing photos. A person who violates the clause would have to pay a fine.
No one wants to think their marriage will end in divorce. However, signing a prenup does not mean you are planning for that to happen. It just gives you a little peace of mind, if that does occur. It also encourages an honest discussion about finances, which will likely be good for the health of your marriage.