Planning to get married – and planning the wedding – is something that soon-to-be spouses engage in with excitement for the future and nervousness about the details. But, while you are considering venue locations, guest lists and flower and seating arrangements, consider this as well – Should you have a prenuptial agreement in place before you get married?
Prenup basics
To answer that question, most people need to start with the basics. So, for starters, what is a prenuptial agreement? In short, a prenup – as it is commonly called – is an agreement that is binding between the married couple, which delineates how assets, debts and even spousal support would be expected to be handled if the marriage ends in divorce.
Of course, that basic concept sounds fine, but what usually trips people up is the emotional factor that comes with discussing prenups and negotiating the terms that will be in the agreement.
No one gets married thinking that it will end in divorce – not even those who are already on their second or subsequent marriage. At the time of a wedding, happiness and hope for the future is usually the prevailing feeling. So, obviously, discussing what might happen if the marriage ends in divorce can be quite a downer.
However, in many situations, a prenup can be appropriate. People with significant assets prior to marriage, for example, will want to protect those assets. People who come into a marriage with children from a prior relationship may benefit from protecting assets for those children, preventing the assets in question from becoming commingled in the marital assets. The facts can vary greatly, but one thing is for sure – if you are already thinking that a prenup might be appropriate in your situation, you are probably right.