Why do you need to sign a prenuptial agreement? Marriage is supposed to be for life.
You’re right; the ideal of marriage is a lifelong commitment. However, life is full of unexpected turns, and while no one enters marriage expecting it to end, statistics and my experience as a family lawyer tell a different story. Here’s why many people consider a prenuptial agreement:
- Protection of Assets: If one party has significant assets, they may want to protect those in case of a divorce.
It’s not about expecting the marriage to fail but preparing for all possibilities, much like insurance. - Debt Protection: Just as assets can be protected, so can one be shielded from a partner’s pre-marital debt.
Without a prenup, creditors can sometimes go after marital property even if only one spouse is the debtor. - Clarity: Prenups can clarify financial expectations in a marriage, helping reduce future disagreements. It’s a platform to discuss finances openly and transparently.
- Estate Planning: Especially relevant for older couples or those with children from prior relationships, prenups can specify what goes to whom in case of death, working along with a will.
- Saves Time and Money: If a divorce does happen, a prenup can make the process faster and less costly, as many issues would have been pre-decided.
- Emotional Considerations: Discussing and agreeing upon these matters before marriage can actually strengthen a relationship, as it requires open communication and understanding each other’s priorities.
While marriage is a beautiful commitment, it’s also a legal contract.
And just as you’d protect yourself in other legal agreements, a prenuptial agreement offers a measure of protection in this very personal contract.
Remember, it’s not about planning for the marriage to end but being prepared for any of life’s uncertainties.