A premarital agreement, also known as a prenup, is a written agreement developed between two people before getting married. Usually, a prenup will list all of the property and debts each person owns. The document will specify what each person's property will be if the marriage should end. Similarly, a postmarital agreement is like a premarital contract, except that it is made during the marriage rather than before.
If you're considering having a prenup or postnup agreement drafted, you may wonder if doing so will ruin your relationship. Don't worry; this is a completely normal fear. However, having a prenup doesn't have to ruin your marriage. Read on to learn what you need to know.
Marriage Is Romantic and Technical
While marriage is designed to unite a couple romantically, there are also financial implications that go along with getting married. Therefore, it's wise to consider the financial implications of marriage before taking the plunge.
Prenups and postnups aren't exactly romantic, but they can go a long way to help ensure that a marriage is fair.
Why a Prenup Is a Good Idea
If you were married previously and had children with someone other than your soon-to-be spouse, a prenup can help protect your children's inheritance rights. You want to make sure that your kids are properly taken care of, which a prenup can assist with.
If you are a business owner or have your own professional practice, having a prenup can help protect those assets. In the event of a divorce, it's possible for your business or practice to be divided and subjected to your spouse's control if you don't have a prenup.
If your soon-to-be spouse has a lot more debt than you do, a prenup can help you avoid taking on your partner's financial obligations.
If you must sacrifice a fruitful career after getting married, a prenup can help make sure that you're compensated for giving it up if the marriage concludes.
Premarital agreements have the power to address more than just the monetary elements of a marriage. Prenups can include any decision-making and responsibility sharing details of the marriage (so long as you and your partner agree on the terms).
If you and your husband or wife decide the relationship isn't working and want to get a divorce, having a prenup can limit the cost of your divorce and hugely simplify the issues and potential conflicts common to divorce.
A Prenup's Potential to Ruin a Marriage
You may be worried that it's taboo to start a marriage with a document that concerns what should happen if the marriage ends. While premarital agreements do hold a certain degree of value, ultimately, this document only has the power to break up your relationship if you allow it to.
If there are trust issues in the relationship before the idea of a prenup is mentioned, these concerns may be exacerbated by the thought of drafting such a document. But it's better to learn about these trust issues before marriage and work them out with legal and/or therapeutic support than learn about them down the road.
Ultimately, whether having a prenup is right for you will be based on your relationship's specific circumstances.
Our attorneys here at DeTommaso Law Group, LLC are highly skilled in drafting premarital and postmarital agreements and have seen many happy couples go on with their marriages after drafting such documents. If you have any questions or need help with your premarital or postmarital contract, we are here to help.
Schedule a consultation with our experienced Somerset County family law attorneys! Contact us online or via phone at (908) 274-3028.