By Amy Andersen, Founder and CEO of Linx Dating
The idea of a prenuptial agreement—or prenup—isn’t our favorite part of the fairytale wedding. After all, when you’re planning your wedding, the last thing you want to think about is the possibility of a divorce. However, as much as we’d like to believe in the happily ever after, the truth is that not all marriages last forever. So, before you say, “I do,” there’s an important conversation that you and your partner should have: the prenup talk.
The idea of a prenup doesn’t sound romantic, but it’s a smart move for any couple, regardless of income or assets. You might want to think about it like an insurance policy for your marriage.
No one goes into a marriage expecting it to end in divorce, but the reality is that many first-time marriages do—almost half. The prenup works as an insurance policy; it protects you and your partner in case the worst happens and outlines exactly what to expect in case of a divorce.
Should your marriage need to end, the prenup will save you the long, expensive divorce of your nightmares. With a prenup, you’ll already know how to split the assets and debts, so, instead of dealing with expensive lawyers to decide who owes what, everything is already sorted. Save yourselves the headaches and trauma and spell out the contingency plans.
If you have significant personal assets, a prenup will make sure everything that’s yours stays yours. This is particularly important if you own a business or have inherited assets. Without a prenup, ownership runs into gray areas, and you might not be entitled to everything you thought you owned.
A prenup can also be a useful tool for setting expectations and discussing important issues before tying the knot. Talking about money, for example, can be uncomfortable, but it’s an important conversation to have before getting married. Working on the prenup will help you both establish financial transparency and have a clear understanding of each other’s financial goals, concerns and status.
Many people are hesitant to broach the topic of a prenup with a partner. This conversation can feel unromantic and pessimistic, so try to think of it as a relationship-building tool. Working through the details of a prenup with your partner requires trust and communication, building blocks for any successful marriage.
Ready to have the prenup conversation? Keep an open mind and a willingness to listen to your partner’s concerns. Remember, a prenup isn’t just about protecting your own assets—it’s about creating a fair agreement that works for both of you.