CSG Law Alert: How to Protect Yourself Before You Say I Do
Getting engaged is one of the most exciting times in a person’s life. But for many people, it can also be daunting. Not only is a wedding a huge financial commitment, but so is the marriage itself.
Contrary to popular opinion, asking for a prenup does not mean that you are planning to get divorced. Financial issues are oftentimes the leading culprit of marital strain, and a prenup (prenuptial agreement or premarital agreement) is a great way to plan ahead and protect yourself from possible financial stressors that may or may not occur during a marriage, providing you and your future spouse the best chance of success.
Since prenups require each party to disclose their current assets, debts or liabilities and income prior to signing on the dotted line, they serve as a great tool to facilitate a discussion about how money will be handled during the marriage, a conversation that may not otherwise occur before walking down the aisle. But, in order to have a conversation with your future spouse about prenups, it is essential to understand what they are, and what they do.
Prenups are not just for the wealthy. Just because you may not currently have income, earnings, assets, or an inheritance to protect does not mean you will not have such things in the future. Prenups can protect current and future debts, assets, earnings, business interests and inheritances. They can also protect and address all of these topics, or just a few. Prenups are tailor-made to suit your needs and desires, both now and in the future. But don’t wait to broach the subject with your future spouse until it’s time to walk down the aisle. The best time to start the conversation with your future spouse is right now.
For more on this topic, consult with your family law attorney.