You probably don’t want to think about your wedding day ending in divorce. However, while the risk of divorce is lower, one in three marriages still ends in a breakup. If you’re tying the knot, you should be thinking about a prenup. Below are reasons why getting a prenup is a great idea.
It Forces Partners To Discuss Money
Money is still a taboo subject. Couples rarely discuss how much money they make or how much will be spent on their wedding. The typical question during prenup negotiations is, “how much do partners need to save?” If you don’t know how much you’re spending in a month or what kind of bills you have to pay, you’re going to end up with a huge problem that may lead to your divorce.
A Prenup Can Protect Your Friends And Family
Many people don’t want to disclose all of their financial situations to the rest of their families. The only way you can ensure your family’s safety is to ask for financial information from other people. This might be a tough situation for both parties, but it will give you peace of mind knowing that your friends and family are protected. If a family member or close friend is financially dependent on you, then the prenup can offer security. It’s not easy to ask someone else about their financial status, but it can be done as friendly as possible.
It Prevents Future Resentment
A prenup also protects your spouse from being resentful. When you ask your spouse about how much they’ve saved, they may perceive that as a threat. This could lead to resentment that could worsen the marriage later on. A prenup can also prevent your spouse from resenting you when they’re making more money than you do, which is considered an issue in some marriages.
You and Your Partner Will have Control Over Decisions
You and your partner can negotiate how the money will be distributed when your marriage ends. You can also make financial decisions that fit your and your spouse’s needs. If both you and your partner want to take on a project to boost the household’s income, then a prenup can protect you from being taken advantage of by your spouse. Connecting with family lawyers in Darwin can help you create the right prenuptial agreement for you and your partner.
Help Reduce Conflict
A prenup can help you avoid a long and costly legal battle. Almost all divorces include some legal fight, whether it’s about child custody or money distribution. Since you’re drawing up the terms of the agreement, you will have more control over your case. You can also save on attorney fees by drafting your agreement.
KeepsYour Personal Assets Protected
If your spouse leaves you, there is no way to protect your assets. Even if you make a will, it can still be changed in the future. The best way to protect wealth is by going through a prenup. The agreement can help you determine what will happen to bank accounts and property after you die or should the relationship not work out. Getting a prenup is a lot cheaper than getting a divorce. At least you can save on attorney fees you would have been paying for years. This will also give you and your partner more time to work on your marriage. Many people argue that the idea of divorce has never been as common as it is now, but it has always existed in every culture, nation, and religion in the world.
A Prenup can Protect Your Partner’s Business
A prenup can protect a spouse’s business. Partners will have to share any profit or loss in a business, preventing another person from taking control of the spouse’s business. If you’re worried about the future of your partner’s company, then a prenup could be the best way to protect them. If you’re the one taking on debt for a joint account, including credit cards, there is a possibility that your spouse has more than they can pay. It’s not uncommon for couples to get into debt together and pay each other back. However, if the only way to pay off the debt is for you to transfer all of your assets, then it’s better to go through a prenup.
There are plenty of advantages to having a prenup. Whether you’re already married or planning to get married soon, a prenup is a great way to protect your assets and keep your relationship intact.