It might seem like a cynical thing to contemplate prior to your wedding, but before getting married, you should consider drafting and signing a prenuptial agreement. Prenuptial agreements, or “prenups,” are less of a way to imply doom and gloom for your future marriage and more of a smart method to prepare yourself for the worst-case scenario: divorce. Prenuptial agreements enable you to decide on many of the terms of your divorce at the start of your marriage—this includes division of property and division of debt; allocation of investments and retirement funds; and determination of alimony/spousal support.
Why Should You Sign a Prenup?
At one time, prenups were more common among wealthier people who had more assets with which to negotiate. These days, however, they are becoming more common for a wide variety of people, including millennials who are trying to protect themselves from the possibility of divorce in the future. Since divorce is so much more common now than it was in years past, it makes sense to safeguard against it with a prenuptial agreement.
There are myriad reasons to sign a prenuptial agreement, and many of those will ultimately depend on your particular situation. In general, some convincing reasons to use a prenuptial agreement are:
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