When a couple finally decides to tie the knot, they might skip the prenuptial agreement. This private agreement will state how the couple will divide the assets in case of death or divorce. Many don’t mind giving their spouse their possessions in case of death. But some find splitting their assets in the event of divorce unfair.
You may feel like you’re on cloud nine as of the moment, knowing your wedding date is drawing near. But if there is an extreme imbalance in wealth, then it will be wise to consider signing a prenuptial agreement. In Staten Island, you can hire a process server for mobile notarization services. This way, you can have your prenuptial agreement notarized in your preferred location.
But negative thoughts and information are stopping couples from considering a prenuptial agreement. Here’s why you should consider getting one before tying the knot:
You can avoid a financial hit with a prenup
It is true that it is usually the wealthy and powerful couples who lay down such an agreement. With the amount of money and the number of properties they have, it only becomes a sensitive issue as to how to divide their assets. But even couples with moderate wealth should seriously consider a prenup.
Let’s say that you and your spouse decided to skip a prenuptial agreement. You get married, but after a few years, due to certain circumstances, you file for a divorce. Even if you have only had $250,000 in your bank account plus assets, you might end up having to give half of it to your soon-to-be ex-spouse. You can avoid taking a massive financial hit if you decide to divorce by signing a prenuptial agreement.
Both parties can benefit financially with a prenuptial agreement
Prenups are not only for the benefit of the party with the most assets. It can help you understand the full picture of each other’s financial background. Both parties are required to lay down and disclose everything you own, including debts. It allows you to be financially transparent to your partner. This helps you resolve the financial issues that you or your partner may need to take care of in the future. In turn, you can discuss how you can comfortably live as a couple and how you can manage things in case you decide to split.
A prenuptial agreement can strengthen your relationship
Asking for a prenup doesn’t mean that you don’t trust them or that you’re anticipating a divorce soon. In reality, it can even strengthen your relationship as a couple. A prenup discusses you and your partner’s assets as a whole. By discussing such pertinent information, you can gauge just how your future spouse will deal with financial issues. Talking about your finances before the marriage will help strengthen your bond. This makes it easier for you to reach compromises to avoid financial conflicts in the future.
Many couples think that prenups are unnecessary. Many simply throw caution to the wind, thinking that they can get a postnuptial agreement instead. But it is crucial that as early as now, you’re already talking about your future finances. If you can compromise as early as now and easily talk about your assets without fear, you’ll find it easier to handle money talks later on.