For many young people with their sights set on getting married, thinking about signing a prenuptial agreement is daunting and scary.
A lot of people feel like signing a prenup means you’re signing up to get divorced one day in the future. However, it’s not as scary as you may think, and it’s a good way to ensure your money and assets are protected no matter what happens.
Settling on a prenup before getting married will likely strengthen the relationship between you and your future spouse, as it gets you to communicate about your financial goals and ensures you’re on the same page.
After all, many couples get into arguments because of money issues, and prenups force you to address your financial situation, getting you and your partner more organized.
If you’re still a little confused about what a prenup is, it’s a written contract where couples state their marital assets and debts and set a financial plan in case the marriage ends in divorce or someone dies.
Typically, a partner who comes from family money or makes more money than their future spouse has their attorney prepare the prenuptial agreement. Then, the other person usually gives the agreement to their own attorney to review it before both parties negotiate the terms and settle on an agreement that works for both of them.
When working on a prenuptial agreement, attorneys typically charge their hourly rate, meaning the process could cost over $1,000. While it can be an expensive and somewhat tiring process, many couples find that it’s worth it, and some couples don’t even consider getting married without getting a prenup.
There are several reasons why someone may insist on signing a prenup before getting married.
Again, they may come from old money their family wants to protect. But the reasons vary – some may do it because they have children they need to support, one person may have a lot of debt, one may make a lot more money than their partner, one person may have health issues or an inheritance coming in, etc.