You and your fiancé would be wise to consider a prenuptial agreement, or “prenup” as it has come to be known. In fact, most, couples would benefit from a prenuptial agreement.
Objections to getting a prenuptial agreement usually come in one of two categories. The first kind asserts that there is no pressing need for the contract: “We don’t have anything financial worth fighting over.” The second appeals to sentiment: “It ruins the romance to talk about money” or, “We’re sure we won’t get divorced.”
While no one goes into a marriage planning to get divorced, even the most optimistic couples should acknowledge that it is important to be on the same page with how their assets and liabilities coming into the marriage should be handled and what the process would be in the unfortunate circumstances surrounding a divorce. A well drafted prenuptial agreement can also clarify the couple’s intentions surrounding how their assets will be handled in the event of death of one of the parties. These are important conversations that a couple should have as they get ready to be married.
Even if you have “nothing worth fighting over,” divorce can set you back financially. Your spouse may lay claim to half of your joint assets, even if their contribution to them is much less than half. As such, a prenuptial agreement can protect a person of modest means from taking a significant financial hit which will have more of an impact on someone with less to lose.
