All About the Prenup
If the first thing on your mind before getting married isn’t the honeymoon, it’s most likely whether or not to get a prenuptial agreement.
Not confident what that is? No worries, we’re here to break it down for you.
A prenuptial agreement, otherwise known as a prenup, is an official agreement made by you and your spouse regarding the financial outcome of a potential divorce. Otherwise termed the “divorce law,” the prenup is a proactive practice for most couples, as it can be modified and customized to suit the needs of the individuals, without government intervention.
If you are wealthier than your partner, a prenup can help you determine if your significant other is marrying you for the money you have in your bank account or for your character. If you have a lower financial income then your partner, a prenup can guarantee fiscal protection for your spouse. If you plan to remarry, it will ensure that your assets are alloted based on your decisions once you pass away. You might also want to get a prenup if your spouse is burdened with debt, so that their debts won’t be transposed onto your financial loads.
For some, getting a prenup is the same as distrusting the other partner. If you’re already discussing future property and finances with your partner, this can easily be misinterpreted as you being protective of your possessions or reputation. Another drawback is how uncomfortable and touchy the subject may make you and your spouse feel. Again, the problem of doubt may arise and make manifest tension.
The prenup must be a written agreement, executed voluntarily, have full and fair disclosure at the time of execution, and must be executed and acknowledged by both parties. Once both parties decide on the content of the prenup, their attorneys will review the drafted deal memo. Thereafter, the courts will enforce and uphold the agreement.
While keeping in mind you and your spouse’s financial stability, you must enforce equal protection when guarding this important document. Your prenup is a written agreement, a proof or contract specifying limits and waiving rights, so protecting this life document is immensely crucial. Make a copy and reserve a space for the copy in our online inventory, as well as a safe location in your house.
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