Why you should sign a Pre-nup
Flowers, cake, food, bridesmaids, groomsmen, the dress, the tux - all typical things that are a part of planning a wedding and getting married. Once a couple gets engaged, they spend a considerable amount of time planning the ceremony and in my opinion, not enough time working out the terms of the marriage.
One of the most important conversations that some couples fail to even entertain when they are planning their wedding, is what they are going to do if the relationship does not work out. I know a big part of why they don't discuss it is because when it comes to their marriage, they don't want to think about anything but a happy ending.
The truth is, while it's important to plan a nice wedding, the marriage is actually more important and there are too many questions left unanswered, especially when it comes to money. Before the couple decides to get together, they were individuals with their own assets and they should work out how they plan to treat these assets before they get married - this is why I recommend that couples sign a prenup - a contract entered into prior to marriage by the people intending to marry or contract with each other. The content of a prenuptial agreement can vary widely, but commonly includes provisions for division of property and spousal support in the event of divorce or break-up of marriage. In the movies, when the prenup is brought up, the characters are usually not interested in signing because they see it as planning for the end of the marriage. I disagree; I think there are many great benefits to having a prenup:
It forces the couple to have a realistic look at their finances before they get married.
In drafting the prenup, both partners have to present their full financial situation, the assets, debts and investments, so the couple can enter their marriage with open eyes. Getting married is a legal transaction and when you sign the marriage license; you are merging your finances together as well. It makes sense to know upfront what you're getting yourself into.
It helps the couple to plan for their financial future.
One of the things that some couple adds to their prenup is plans for children, retirement, or even buying assets and how they will be treated as the relationship progresses. Some couples even put timelines in place that stipulates what happens at different intervals of the marriage.
It's a great way to set goals.
The great thing about prenups is how specific couples can get when they want. Some couple decides how many children they want to have and even how long after getting married. Another thing is they can revise the agreement as their marriage progresses and as they acquire new assets.
It solves the issue of dividing assets in case the marriage ends.
Divorces can be messy and one of the biggest problems is dividing assets. A prenup solves that issue and can be very specific. Since the agreement is legal and binding, it gives the lawyers less work to do during the divorce proceedings, so it will also save them some legal fees as well.
Many persons think that prenups are only for rich people, but it's quite the opposite. It's a great way to protect your assets that you had before and those you gained during the relationship. Furthermore, while many couples are uncomfortable talking about money or even the possible end of their marriage, it is a necessary conversation that will leave you both as a couple feeling more secure about your relationship moving forward.