Having a prenuptial agreement can help you protect yourself and plan for the future. This type of arrangement is particularly helpful if you own a business, have a sizeable number of assets or your upcoming marriage is not your first.
In your agreement, you can discuss each other’s obligations and responsibilities. You can also clarify which assets belong to which person, as well as the separation of those assets in the event of a split.
The best time to discuss and implement a prenuptial agreement is well before you plan to marry. Waiting too close to your special day might increase tension, stress and discord during conversations. According to U.S. News, for your prenuptial, you will need financial information including specifics about assets and liabilities. These things will take time to collect and organize so starting early is crucial.
Approach the conversation from a place of concern. Express your desire for both of you to maintain financial stability and autonomy despite unexpected events. Allow your partner time to think about things. Listen to each other’s concerns and work together to reach an amicable agreement.
Update as needed
You may have heard of a “sunset clause.” This means that after so many years of marriage, your prenuptial will essentially expire. However, you might find it more sustainable to update your agreement over time. You can optimize its value when you periodically review the arrangement and make changes to anything that no longer applies.
A prenuptial agreement can encourage unity and respect in your marriage. When approached the right way and implemented carefully, you can utilize it to your advantage and go into marriage with peace of mind.