For years, prenuptial agreements have had a bad reputation. Many have thought you only need to worry about a prenup if you are wealthy. Or if you get a prenup, you are dooming your marriage even before it begins. But in recent years, more and more couples are seeking prenuptial agreements, especially among the millennial generation.
That’s because younger people are realizing why every couple can benefit from having a prenuptial agreement. Some reasons why getting a prenuptial agreement can benefit you include:
- You may not have a lot of assets and wealth now, but you don’t know what the future may hold. You could gain significant assets while you are married. Having a prenuptial agreement will give you a roadmap on how to divide those with your spouse.
- You already may have purchased a home on your own. Because couples are marrying later in life, they may own a property before they wed. You want to protect that important asset in case you divorce later on.
- You run your own your own business. One of the best ways to protect your business assets when you marry is to have a prenuptial agreement that addresses how you will split those assets with your spouse if you divorce.
- You want to protect yourself from having to split future debt with your spouse. You may know your soon-to-be spouse is a bit of a shopaholic. If you are concerned your spouse will rack up credit card debt during your marriage, a prenup can outline how you will split that debt in divorce.
- You are getting remarried and want to protect some of your assets, including your home or retirement savings, in case you divorce.
Financial expert Suze Orman advocates that every engaged couple get a prenuptial agreement because it will force you and your future spouse to talk about money, a very important topic you’ll have to address time and time again during your marriage. By seeking a prenuptial agreement, you and your spouse not only plan ahead for how you will handle dividing assets in divorce, but you will protect yourselves from losing too much in a divorce.