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While you’re planning your fabulous wedding, you may want to consider getting a prenup. While this was once a taboo topic, it’s something that’s slowly becoming more accepted by both Gen Z and millennial couples. While it may be more socially acceptable now than ever, there is still some negative stigma behind prenups because it indicates that there may be a chance the marriage won’t work (which is natural and okay).
However, you shouldn’t let this negative stigma get in the way, and it certainly doesn’t need to be a backup plan in case the marriage fails. Here is everything you need to know about prenups and why you should get one!
1. Protect your assets
Lawyers like Hutson Law strongly recommend couples get prenups before tying the knot, and it’s so easy to see why. A prenuptial agreement is a good way to protect your assets in the event of a divorce. If you are considering getting married, you should consider getting advice from a financial expert about your options.
A prenup can protect your assets from creditors, liabilities, and even the dilution of your family’s wealth in a divorce. It is also important to consider your future income. A prenup can protect your assets if you plan to start a business or get an advanced education. It can also protect your inheritances from previous marriages.
2. Avoid alimony or spousal support
Whether you’re just thinking about marriage or already have a spouse, a prenuptial agreement is an excellent way to protect your assets. Prenuptial agreements can also address alimony. If your spouse has a higher earning capacity than you, you may be required to pay alimony. Some states limit the amount of alimony that can be paid. If you’re planning a divorce, you should consult an attorney to find out what you can expect.
Several factors should be considered before deciding whether to pay alimony. For example, consider whether your spouse can support themselves once the divorce is finalized. You may also want to consider whether your spouse can move back into the workforce. You can count on prenups to completely help out with avoiding the different types of alimony.
3. Easy to access
Fortunately, prenups are relatively easy to come by. If you are in the market for one, you may be surprised to find many prenup lawyers in your neck of the woods. These lawyers are more than willing to discuss your best interests in the business’s name. If you are planning on tying the knot, you should also consider whether or not you are eligible for prenuptial financial disclosure. If not, you may be best served by a free prenup consultation. A prenup can help you get your money’s worth regardless of where you reside.
4. Avoid unnecessarily acrimonious divorce proceedings
Getting a prenuptial agreement can be a great way to prevent unnecessary acrimonious divorce proceedings. You can avoid costly divorce proceedings, make your divorce less painful, and protect your assets. However, a prenup can also cause friction with your in-laws and extended family. This can be especially true if you have children from previous relationships.
Often, one partner has more financial interests and concerns than the other. These clauses will allow you to incentivize certain behaviors or compensate an aggrieved party. However, lifestyle-specific clauses are only enforceable in some states and must be carefully drafted.
Getting married is a very exciting time in one’s life. However, don’t let your excitement stop you from covering all of your bases, including your current and future assets in case the marriage doesn’t last for the long haul.
