As more marriages are occurring at older ages, there is a greater need for prenuptial agreements. People are entering into marriage with more assets and property, and some may be business owners.
A prenup helps protect property, companies and assets, and having a conversation about it is important before tying the knot.
Benefits of prenuptial agreements
According to FindLaw, a prenup may not be necessary for all couples, but there are certain circumstances that do warrant this legal document. Some reasons to have a prenuptial agreement include:
- Separate property protection
- Debt assignment
- Estate planning
- Family business or inheritance protection
- Conflict reduction in the event of divorce
How to approach a discussion about prenups
At the beginning of an engagement, many couples who are in love are not even thinking about the possibility of the relationship coming to an end. However, having a discussion around it is healthy, especially for some couples. Forbes offers some advice about how to approach discussing it with a future spouse.
It is normal to have strong feelings against having a prenuptial agreement. That is why it is crucial to start having the discussion early. There should also be multiple conversations about it so each person has the opportunity to share thoughts and emotions. It may take a number of talks to come to a fair and reasonable agreement, as it should not be one-sided. It is also important for each future spouse to hire an attorney. This person will make sure to uphold each spouse’s rights.
Some feel that having a discussion about prenups is good, even if the couple decides not to have one. It allows the couple to talk about finances and other topics that are difficult to discuss but are important in a marriage.