24 February 2016
 Categories: Law, Blog

While you're losing yourself in the excitement of planning your wedding, it's also important that you take time to face the realities of the future. After all, a new marriage means a new financial situation, and many newlyweds are ill-prepared to make sound financial decisions together due to a lack of communication and preparation. One of the best things you can do for your relationship is to discuss a prenuptial agreement with your soon-to-be spouse, because it encourages you to talk about these important considerations. Here are a few reasons why a prenuptial agreement is important for any marrying couple.

You'll Have to Discuss Some Financial Issues

For couples with any discomfort or hesitation about discussing finances, a prenuptial agreement is often just the catalyst you need to spark those conversations. After all, you'll have to look at your savings accounts, spending habits and debts as part of the process. If you or your spouse are hiding significant debts, it's important that you discuss those things openly. Otherwise, you may find that one or the other of you brings significantly more debt or poor spending habits into the marriage.

You Can Preserve Inheritances

In the event that you and your spouse end up filing for divorce, the last thing you should have to worry about is losing a family property you inherited after the death of a loved one. When you both sign a prenuptial agreement, you can include a clause that protects any inherited property so that you both retain anything your respective families hand down.

In addition, it allows you to preserve anything you want to be handed down to children from a first marriage. If you have any reason to believe that your spouse will try to go after funds you have reserved for the children of a prior marriage, you can eliminate that concern by protecting those funds in a prenuptial agreement.

It May Save You On Divorce Costs

When you have a prenuptial agreement in place, many of the things you would otherwise have to sort out in court are already decided. This saves you significantly in court costs for appearances, and it could save you on attorney fees, too.

As you can see, a prenuptial agreement can be beneficial in many situations. They aren't only for those marrying a much wealthier spouse. In fact, a prenuptial agreement is effective even for the lowest income couples. Talk with an attorney today to draft an agreement that will work for both you and your soon-to-be spouse.