While you likely are not thinking about the possibility of you and your partner getting divorced right before you get married, divorce is important for you and your future spouse to think about before your wedding.
Taking some time to look over your shared finances and develop a prenuptial agreement that outlines how your assets will be divided in the event of a divorce can help you to go into your marriage more aware of your financial standing, and it can protect you and your partner in the event of a future divorce.
Additionally, taking the precaution of getting a prenup now can provide many benefits to you and your spouse down-the-road in the event that you choose to get a divorce. Here are just a few of the reasons you should consider getting a prenup before your wedding.
Keep Your Debt Separate
While many people think of prenuptial agreements as something rich people use to secure their money before they get married, prenuptial agreements are also a good idea if one or both parties are going into the marriage with debt. With the prevalence of young couples having massive school loans and credit card debt on the rise, prenups can be a great way for couples to keep their pre-marital debt separate as they enter their marriage. This will help to protect both parties in the event of a divorce, as they will not find themselves saddled with the other person’s debt and the potential havoc this could wreak on their credit score. Each person would merely leave the marriage with their own debt.
Streamline The Divorce Process
By taking the time now to decide how certain assets will be divided, and what each spouse’s responsibilities would be, in the event of a divorce, this can help to greatly streamline and speed up the divorce process if you and your spouse decide to separate down-the-road. Since you will have already outlined certain terms for your divorce in the prenup, you and your spouse will not have to spend time arguing during the divorce process. Not only can this help to speed up your divorce and make this process less stressful, but it can also help to save you money. Without a prenup, you and your spouse could end up spending thousands of dollars on lawyers and court fees as you debate how your assets should be divided. A prenup can help to mitigate many of these expenses.
Determine Custody of Pets
As odd as it may sound, a prenup can also be critical if you are entering the marriage with a pet. Since many people consider their pets to be a part of the family, it can be extremely difficult to decide where a pet will go in the event of a divorce. If you and your partner got a pet together before getting married, you can outline custody terms for sharing your pet in the event of a divorce in your prenup. Alternatively, if you got a pet on your own before you started seeing your future spouse, a prenup can protect your rights by ensuring that your beloved pet stays with you in the event of a divorce.
Ensure Assets Are Distributed Fairly
Perhaps the most important reason to get a prenup is to ensure that your assets are divided fairly in the event of a divorce. While many couples don’t want to plan their divorce before they are even married, it can be easier to discuss these issues rationally when you and your partner are on good terms than it would be during a divorce, as stress and hurt feelings can hinder decision making. This will allow you and your partner to decide now how you want assets, such as money and property, to be split upon divorce, which can prevent fighting later on. You can even make provisions for who will get specific possessions in the event of a divorce, which can help you to protect personal belongings and family heirlooms, which can often become the focus of debate during a divorce.
Taking the time to get a prenup now can help to protect you and your spouse in the event that your marriage ends in divorce. Contact us to learn more about the benefits prenups can provide as well as for guidance on creating a prenup before your wedding.