In popular media prenuptial agreements are associated with rich eligible bachelors protecting themselves against greedy would-be “gold diggers.” The reality is a lot less dramatic and does not have to be so confrontational. In fact, they’re growing in popularity among a wide variety of income groups. Everyone wishes for their happily ever after, and a prenuptial agreement can actually help with that. It can protect your assets, your future, and your loved ones.
Being Transparent With Your Fiance
Prenuptial agreements are designed to protect a couple’s financial future. The exact parameters can be catered to divide assets, determine alimony, and even debt. It’s possible that prenuptial agreements got their bad reputation because it brings up these less-than-romantic topics like, “What do your spending habits really look like?” When you get married, your spouse’s financial choices can have real legal implications in your life. Coming up with a prenuptial agreement puts everything out on the table for discussion. Expectations, financial goals, and assets that could have sentimental value are all worthwhile things to talk about. Having this conversation can prevent conflicts down the road.
Protecting Your Finances
Of course, a prenuptial agreement is a fantastic tool for protecting your assets, but your financial future can go beyond just how much money you have in the bank. Debts and liabilities can severely impact your finances, and many people don’t realize that the responsibility for those debts could potentially fall on your spouse. Not every couple will need a prenuptial agreement that completely cuts their finances down the middle, either. If someone is starting their second marriage, they may want to preserve some assets for their children. Outlining exactly what assets would be divided and who bears financial responsibility beforehand can not only make the divorce process easier, it can help couples create a game plan for tackling any financial hiccups while they’re still married.
Protecting Yourself
Although prenuptial agreements are not just for the wealthy, they can still highlight some imbalances in a relationship. In an effort to protect their business, family heirlooms, or an inheritance, some people can go a little overboard. This can lead to an unfair, one-sided prenuptial agreement that leaves the other spouse unprotected. If you’re presented with an agreement that seems kind of petty or unfair, it doesn’t mean your fiance doesn’t care about you or is trying to hurt you. Sometimes it takes an extra person to step in and help your fiance understand the negative impact the agreement can have on you. It’s strongly advised that both spouses have their own attorneys to help disclose assets and debts and negotiate a mutually beneficial agreement. If your fiance doesn’t budge, it will probably give you a better idea of what your future together could look like. Comedian and actress Ali Wong said that her prenuptial agreement actually motivated her to make more money, and it ended up working out better for her in the end.
No one should have to be afraid of a prenup. It may not be the most romantic thing to do in the world, but it can still be an act of love. A sign of mutual respect and responsibility before diving into a long and happy life together. If you’re considering a prenuptial agreement or need guidance on whether you should go back to the negotiating table, call our office at (863) 825-5309 to schedule a consultation.
Heather Bryan Law, P.A.
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