It used to be that prenuptial agreements were mainly talked about when it came to high-profile divorces, such as those between celebrities. However, nowadays, with the changing cultural landscape around marriage and divorce, prenuptial agreements make a lot of sense for a wide variety of couples planning to marry.
Before you get married, it is important to consider the reasons you may need a prenuptial agreement. Although some couples think it is “unromantic” to talk about a prenuptial agreement, the truth is that it is simply a smart tool to use for protecting your financial future in the event the marriage no longer functions and ends in divorce. Here are three common reasons you may need a prenuptial agreement.
1. You have a high net worth
Individuals with high net worth have typically been prime candidates for prenuptial agreements. This is because the prenup sets forth how to distribute and handle the assets in the event of a divorce. Not only does a prenup help avoid bitter financial battles, it can also help a couple evaluate their financial situation going into the marriage and plan in advance for unforeseen circumstances.
2. You want to avoid possible future court battles
Even if you and your future spouse do not have high net worth at the moment, a prenup allows you to prevent future court battles because it establishes guidelines for how to proceed in terms of financial and other matters in the event of a divorce. The discussions that go into planning a prenuptial agreement can be very constructive and helpful to the couple getting married.
3. You want to protect yourself from hasty, emotionally driven decisions
Divorce is emotionally charged, and as such, it is a time when people can often make quick decisions that are not well-thought-out and have lasting implications. A prenuptial agreement can help set a solid foundation of thoughtful planning that can serve as a framework and structure in the unfortunate event the marriage ends in divorce. Advance consideration of “what if” scenarios when a couple is in a healthy position to make collaborative decisions can help pave the way for a lower conflict divorce.
Consult with a family law attorney to draw up a prenuptial agreement. An attorney who works with these agreements can help you and your future spouse navigate the most pertinent issues and assist in your collaborative decision-making.