Why Consider a Prenup before Your Wedding- Prenuptial agreements ("prenups") are gaining popularity among millennials. While there’s still a stigma persisting against prenups, they can protect both parties in the event of unexpected troubles. The American Bar Association recommends prenups as a valuable tool to clarify each new spouse’s financial goals and assets, whether joint or separate.
A prenuptial agreement is a legal contract between two people about to get married. It outlines how assets and debts will be handled during and after the marriage. This can include property, investments, and even future earnings.
Many people believe that prenuptial agreements are only for the rich and famous. However, they can be beneficial for anyone. Whether you have significant assets or not, a prenup can protect your financial interests and provide peace of mind.
Despite their benefits, prenuptial agreements often feel taboo. According to Sky News, many people view discussing financial matters before marriage as unromantic or unfaithful. However, this perspective is changing. As time passes, more people recognize the practical benefits of a prenup.
The Sky News article tells the story of Olivia and Leo. Olivia built a business from the ground up, and both had children from previous marriages. "The idea of a prenup isn’t very romantic,’ she said.
However, they created a prenup to outline everything they owned. "It didn't feel right that if something were to happen in the future, I could just have what she had built with her business," said Leo. Their agreement gave them peace of mind, allowing them to focus on their relationship without unneeded financial worries.
Why Consider a Prenup before Your Wedding
A prenuptial agreement can cover a wide range of issues, including:
Bringing up the topic of a prenuptial agreement can be challenging. Here are some tips:
If you are considering a prenuptial agreement or want to learn more about how it can benefit you, contact our estate planning law firm. We can help you create a plan that protects your interests and ensures a stable financial future. Schedule a consultation with us today to get started.
Schedule your phone consultation: THE LAW OFFICES OF CLAUDE S. SMITH, III
Why Consider a Prenup before Your Wedding
References: News.Sky (May 20 2024) "Prenuptial agreements are on the rise - so why do they still feel taboo?” and American Bar Association (May 1 2024) “What Is a Prenuptial Agreement?”
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