The decision to marry your partner is a big one, as it will affect your personal life, career and financial circumstances in a variety of ways. And while no one wants to consider the chance of a future divorce, it’s always a possibility.
With that possibility in mind, it’s critical to consider the creation of a premarital agreement before tying the knot.
While it’s never easy to discuss with your partner, as they may get the wrong impression, it’s the responsible thing to do. Once you’re on the same page, you can take steps to meet the strict guidelines that enforce these types of agreements.
Here are some of the many benefits of creating a premarital agreement:
- Protect your assets: There’s a good chance you’re bringing assets into the marriage, which you want to protect from division in the event of divorce. Use a premarital agreement to list your separate property. Your soon-to-be ex-spouse can do the same.
- Protect yourself from debt: Don’t get so caught up in assets that you overlook debt that your spouse could bring into the marriage. If this person has a lot of debt, you don’t want to get stuck paying half of it if you decide to divorce. Just the same as assets, both of you can outline the debts that you have before you get married.
- Save time and money in the future: A premarital agreement helps protect against disagreements regarding assets and debts, among other details, which can save you time and money in the future.
- Better communication: There are many keys to a long and successful marriage, with communication at the top of the list. When you discuss the creation of a premarital agreement, you have the opportunity to communicate your true feelings with your partner. It may be a difficult conversation to have, but it’ll benefit the both of you in the end.
There are many reasons to create a premarital agreement, with the opportunity to protect your wealth among the most important to your future. If you’re preparing for your wedding day, add the creation of a premarital agreement to your to-do list.