While many people think of marriage as their "happily every after," the reality is that 40% to 50% of couples in the United States end their marriages through divorce. While it may be impossible to know at the time of your engagement if you will become a divorcee, there is something you can do to protect yourself and your property in case things don't work out.
Prenuptial agreements are becoming more popular among people getting married, especially for those on a second or third marriage. Here are a few reasons you should draft a prenup before your big day.
It's like an insurance policy
Like with other precautionary measures, a prenup is one of those things that you hope you never need, but you'll be happy it's there if things go sideways. You and your partner can discuss what will happen in the event that the two of you decide to go your separate ways. For instance, you can decide which of your New York assets will be separate and which will be subject to division if you divorce. In addition, the prenuptial agreement can also address whether or not alimony will be part of the divorce settlement.
The conversation can be a positive experience
Bringing up the subject of a prenuptial agreement does not have to be a negative experience for you or your partner. In fact, it might make you closer, especially if you have not had a candid conversation about the possibility of a failed marriage. It also helps to set personal feelings aside when talking about the possibility of divorce before you are even married. Treating a prenup like a business transaction and focusing on it as part of the financial plan for your marriage is often a good strategy.
It brings finances out into the open
Many marriages end due to financial issues. For example, if you and your future spouse are not on the same page when it comes to how and when to spend money, invest or save for retirement, you could run into some issues a few years into the marriage. By discussing your finances and how each of you handle money long before the wedding date, there will not be as many surprises on the subject later on. When it comes to money and marriage, it is best to have everything on the table before you walk down the aisle.
If you are planning to marry, a prenuptial agreement may be a great option to protect your interests in case divorce is in your future. Don't leave things to chance when you can take steps to safeguard your assets.