Creating a prenuptial agreement may not be high on your list of priorities if you are getting married. However, just like an insurance policy, safety net or reserve parachute, you can be pretty grateful you have one if you ever need to use it.
If you are wavering on whether or not to draw up a prenup, consider the following reasons why people often create one.
You could have more to protect than you think
There are several things you can protect with a prenup. Primarily, you may have assets you want to shield from division in the event of divorce. Income from rental properties, businesses and family heirlooms can all be something you address in a prenup.
You might also want to put alimony stipulations in your agreement, as well as directions for dividing debt.
Further, if either of you has children from a previous relationship, a prenup can ensure they retain any property you wish to hand down to them.
A lot can change while you are married
While you may be in love and trust each other completely right now, that will likely change if you ever decide to end your marriage.
Thus, putting together a prenup when you are on solid ground can help you navigate the rocky road of divorce more easily.
You want to reduce conflict
Divorce is a complicated process. Legal, financial and personal challenges can create considerable confusion, and divorcing spouses typically do not see eye-to-eye on everything. People are also often angry and hurt.
All of this can increase opportunities for conflicts to arise. Battles over what is fair and arguments about how to resolve disputes can pit parties against each other, creating bitter clashes.
However, a prenup can alleviate at least some of these situations by outlining provisions and directing parties on dispute resolution methods, making it easier for people to get through various aspects of divorce.
For these reasons, prenups can be a valuable tool worth considering.