The Importance of the Prenuptial Talk: How preparing for the potential dissolution of your upcoming marriage may save your marriage and help make it work.
So you have found your significant other and are looking forward to a beautiful wedding and a happy marriage in the future. A prenup is probably the last thing on your mind. You may think of a prenup as one of those things only the filthy rich need. Some may view prenups as a bad omen, a preparation in advance for an ultimate separation. If you are in your early 20s, with zero assets, you may wonder why you need one anyway.
A prenuptial agreement is basically a legally-binding agreement between the spouses regarding finances in case of a future separation. The law clearly states how assets should be separated between spouses. However, depending on your unique situation, you might want to come up with a different agreement for how to divide assets in case of a divorce. If you are unconvinced as to why you should discuss a prenup agreement with your future spouse, here are several helpful reasons:
You Don’t Know What You Might Own in the Future
If you are a recent college graduate with basically nothing to your name, you may view a prenup as excessive. But, with some luck involved, your situation will not be the same in the future. You could own significant assets, and your individual wealth could skyrocket thanks to an inheritance or savvy investments. When you own this much, you might wish you had a prenup with your spouse. Following marriage, asset separation would need to be done according to the law, no exceptions. Therefore, you can save future regrets if you have that prenup talk now with the assistance of a prenuptial attorney in Scottsdale.
The Income Gap Between You and Your Partner Could be Huge
Prenups are very helpful if the income gap between you and your partner is massive. If you either earn too little or too much compared to your partner, a prenup can protect your interests in the future. If you earn too much, a prenup can help the state from giving ownership of half your assets to your spouse, even if the spouse has not helped you earn those assets. If you earn too little, you can come to an agreement that lets you keep certain assets that the state might allow your spouse to solely own in case of a divorce.
The Law Might Seem Unfair
Marriage law differs between states and different jurisdictions. You may not view the marriage law in your state as fair to your case. Certain instances in your marriage might not be covered by the state law, or the laws could be ambiguous. In a case like this, a prenup can help prevent prolonged and expensive litigation the future.
Above all, a prenup can help you both avoid courtroom drama in case you decide to separate. A prenup can fast-track a separation and make it as painless as possible. Also, being able to talk about a prenup with your partner indicates that you two have a healthy relationship. Finances are a contentious issue in many relationships. Therefore, the prenup talk may actually help you decide if you want to commit to a marriage with the other person.