Having a conversation with your future spouse about a prenuptial agreement can be difficult. Many people believe that you are accepting that your marriage is doomed for divorce if you put a prenup in place. However, there are several reasons for North Carolina residents to have a prenuptial agreement in place before they walk down the aisle.
One party has more debt
A recent study says that 27% of millennials keep a financial secret from their spouse. The same study also indicates that credit card debt is the most common among those secrets. If one party carries more debt into the marriage, putting a prenuptial agreement in place can protect the other party from having to pay off debt that they didn’t accrue in the event the couple gets a divorce.
At least one party has children
Prenuptial agreements allow you or your future spouse to protect the interests of any children from previous relationships. Having a prenup in place allows you to keep certain assets in a trust that will go to your children. Blending families can add another layer of stress to a marriage, and a prenuptial agreement allows you to ensure that your biological children are protected.
One party has more assets
One party bringing more wealth into a marriage is probably the most popular reason for couples to have a prenup. While it’s easy to view prenups as a tool used by the wealthy to protect themselves against divorce, these agreements can be beneficial to both parties. If the wealth disparity shifts during the marriage, the party who brought less into the marriage is protected too.
Creating a prenuptial agreement is a legal process that requires cooperation and a willingness to be transparent about assets, debts and more. You should employ the services of an attorney who is familiar with marital agreements.