When you’re planning a wedding to the love of your life – especially if you’re a romantic – a prenup is probably not on your to-do list. But maybe it should be …
Are you worried that a prenup is a bad omen for a divorce? Thing is, prenups have kind of a bad rap. Many people are afraid that agreeing to one means that you’re marriage is doomed from the get-go, while other people think that partners who want them, are really only in it for the money.
However, nothing could be further from the truth. No matter how happy you are with your partner, marriage is a difficult thing and the future is unpredictable. So, by being realistic about the uncertainty that life brings, you can, at least, protect the interests of both you and your soon-to-be spouse in case of death or a divorce.
Let’s see it for what it is; it is a responsible consideration for those who care about their finances and their future selves. Even the happiest couples choose to protect themselves. It’s life.
Often referred to as an antenuptial agreement, a prenup is a written contract created by both persons who are about to get married. It clarifies your financial rights and obligations, offers protection from debts, and settles property rights after death or divorce.
According to Jeremy Woods, head of Fiduciary Services GTC, a prenup is a vital part of any wedding plan. If you do decide to go with a prenup, don’t procrastinate. Presenting a prenup just before the wedding is never a good idea. If either individual is found to have been under emotional stress when signing the document, it could be overturned if challenged. Talk about it and get it done sooner rather than later.
Prenups are especially important if either individual has business interests or a professional practice. Have a clear idea of your financial situation; debts, assets, income, and what you’re expecting from investments. This agreement can protect the owning spouse’s interest and shelter the business in event of a divorce.
If this is your second marriage and you have kids, a prenup will ensure that the assets are distributed to kids from the previous marriage as well as specifying which assets should be distributed to the current spouse in event of a divorce or death.
Take time to think thoroughly about what terms you want to include in your prenup. Don’t just agree to whatever suggestions made by your lawyer or partner. Avoid signing your rights away. For example, an agreement might stipulate that you would receive nothing in spousal support should the marriage end. If your spouse earns more money than you or if you were raising kids for most of your married life, the end of the marriage could spell financial doom for you. Add whatever you feel necessary, it concerns your future.
If you are considering a prenup, it will be wise to seek the counsel of an experienced legal professional to ensure that the document not only meets legal requirements, but also meets your needs.
Source: www.bridebox.com, www.robertson-law-firm.com, www.fiology.com, www.marriage.com, www.sowetanlive.co.za, www.forbes.com, www.businessinsider.com, www.womanshealthmag.com, money, amerikanki.com, www.ciccarelli.com
DISCLAIMER: The information on this website is for educational purposes only, and is not intended as medical advice, diagnosis or treatment. If you are experiencing symptoms or need health advice, please consult a healthcare professional.
