If you’re in the midst of planning your wedding, you most probably have enough on your plate without the stress of a prenuptial agreement. However, despite how busy you are, your mind keeps going back to prenups and wondering whether you need one. Right now, you’re crazy in love with your partner and can’t imagine ever wanting to break up. But you know that’s not to say in the future things won’t change.
Whether you have savings or property, or an inheritance soon to come in, you may want to have some protection in place, should things turn sour. However, you may still be a little confused about whether a prenup is the right way to go. You may be unsure about what the pros and cons are and whether it’s the right route for you. If you’re feeling unsure, there’s no need to stress as we’ve got you covered.
Below, is everything that you need to know about the ins and outs of a prenuptial agreement, as well as what the pros and cons are.
How can you get a prenup?
How you go about creating a prenuptial agreement is up to you. You can do so via a lawyer. However, this makes the process a lot more expensive. Or, you can opt to use a prenup template and create your agreement via that. You can then give it your lawyer to look over to ensure that it’s all legally sound. Creating a prenup doesn’t have to be expensive, it’s just a case of being careful about how you go about it.
What are the pros of a prenuptial agreement?
The great thing about having a prenup in place is that if things go wrong, you and your partner both get a fair share of your finances, debts, and property. This makes breakups quicker and easier, as each of you knows what you’re entitled to. A prenup can also cut the costs of a breakup as you won’t need to go to court unless one of you wants to contest the agreement, that is.
Another benefit of having a prenuptial agreement in place is that you and your partner are less likely to fight about money is you have one. In your prenup, you can specify who pays for what in your marriage. Such as that you split all bills equally unless there is a bill relating specifically to just one of you. So, say, for example, your partner develops a gambling problem and stacks up thousands worth of debt, you wouldn’t be responsible for it.
Are there any cons?
One of the major cons of having a prenup in place is the fact that it can cause trust issues. You see, when a couple has an agreement in place that states what would happen in case of separation, it can make them question each other’s motives. This can impact the health of the relationship.
Another con is that circumstances may change, such as you may add kids to the equation or one of you may become unwell. However, in these instances, often the judge would overturn the agreement and come up with a fairer settlement.
So there you have it, everything that you need to know about having a prenup in place.