For decades, prenups got something of a bad rap in marriage advice columns and blogs. However, today more and more newlyweds realize that a prenup can be a useful tool to make a partnership more equitable and long-lasting. Today, we're exploring some of the advantages of getting a prenup.
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A Prenup Can Make Your Marriage Stronger
One of the most underrated advantages of getting a prenup is that it forces both parties to have difficult conversations with each other before finalizing their marriage.
It's no secret that most people don't enjoy talking about how much money they make or how much debt they carry. But a prenup forces both parties in a marriage to lay their finances bare and honestly discuss how to handle them.
Prenups enable partners to avoid the dreaded situation of figuring out one party has a mountain of credit debt they neglected to mention, or a significant chunk of inheritance the other party didn't know about. Discussing these matters can be uncomfortable, but it almost always benefits the health of the relationship long-term.
You Can Protect Your Spouse Using a Prenup
You can use your prenup to afford your spouse certain protections, such as insulating them from incurring any debts you may incur from investment opportunities or similar risky ventures.
If you intend on doing anything that carries some financial risk, a prenup can be a great way to assuage your partner's fears about your finances and ensure that if anything goes wrong, you're the one who takes the brunt of the failure.
A Prenup Can Keep Your Assets (& Liabilities) Separate
One of the riskiest things couples do is entangle their assets and liabilities after marriage by using things like a joint bank account or co-signed contracts to involve both parties in financial decisions.
If you're leery about joining your finances to your partner's, you can use a prenup to stipulate that each party should keep their asset and liabilities separate. Whether you ever file for divorce or not, separating assets and liabilities can save you plenty of headaches.
At Levi Divorce & Family Law Attorneys, we'll help you draft the ideal prenup for your situation.
To schedule a consultation with our team, contact us online or via phone at (718) 215-0121.