Maybe snowflakes were falling, adding a luminescent glow to the evening. Or perhaps it was a grand announcement in front of a table full of loved ones. Whatever setting was chosen for a holiday proposal, it was likely romantic. Although it is important to enjoy the moment, it is also wise to remain practical. Take a step back; review your own financial situation and that of the person you intend to spend the rest of your life with and develop a prenuptial agreement you both can agree to.
Benefits of a prenuptial agreement
It may seem counterintuitive, but a prenuptial agreement can actually help solidify a relationship. An article by Daily Finance explored this theory, noting that couples with prenuptial agreements may set themselves up for a more successful marriage. How? Financial disagreements continue to be a leading cause for divorce in the United States. In fact, a recent study found that couples who argue about finances early in their marriage are at a higher risk for divorce than those that argue about religion, in-laws or any other topic.
Proponents of prenuptial agreements contend that couples who iron out the details associated with difficult financial discussions prior to walking down the aisle will increase their odds of being on the same page when it comes to their financial outlook during the marriage. If true, this would likely reduce the risk of a divorce catalyzed by financial disagreements.
Tips to starting a conversation about developing a prenuptial agreement
Even though there are benefits to these legal documents, beginning the conversation with a loved one can still be difficult. The following tips can help:
- You are not alone. Late in 2010, the American Academy of Matrimonial Lawyers released a study noting that prenuptial agreements were on the rise. These documents no longer have the stigma often portrayed in sitcoms. Instead, they are becoming more common among couples.
- Think of your families. Prenuptial agreements can help add a layer of protection to assets that have been in the family for generations. This can help ensure these items stay within the family and give other family members peace of mind.
- Iron out financial expectations. A conversation about a prenuptial agreement not only helps each couple determine their financial parameters, it also begins an important conversation on financial expectations throughout the marriage.
Before signing an agreement, it is wise to have an experienced prenuptial agreement lawyer review the document. This can help to better ensure that your rights are protected and that the agreement is fair.