Prenuptial agreement, aka prenup, has a bad reputation as a romance-killer in marriage. With such stigma surrounding prenups and the assumption that it is all about wealth and greed, it can get frustrating to explain to your partner your good intentions regarding this matter.
Many couples realize that prenup can actually be good in many cases and is necessary for a healthy partnership after marriage. It might not be required for all married couples, but for some, it is. Those who think it is better to have everything sorted before saying “I do”, should consider having a prenup.
Benefits of Prenups
Prenuptial Agreement sets rules for both the parties and about their marital assets. This agreement defines the asset distribution after a divorce or death of a partner. The assets are distributed according to the principles of equity, ensuring the distribution is fair to both parties.
Prenups are Not only about Wealth
The common assumption is prenup is all about wealth distribution. Although it is true, there is more to that. So, if you are wondering, what does a prenup do? Well, let us explain.
A prenup allows couples to have their financial matters organized. There is no room for argument when they have legally sorted out everything. They can plan accordingly to improve and grow. Not to mention, if they decide to part ways, they can do it without much hassle as their finances would be sorted. It can also describe the wealth distribution for businesses. (yourdoctors)
Prenup also regulates spousal rights or child support. If someone is obliged to support their previous partner, children, or both, they can have that clarified in the prenup for their next marriage. This way, there is less possibility of misunderstanding among couples. (Stendra)
Even after one of the spouses dies, a prenup can be beneficial. A prenup can save the dead partner’s assets from getting disowned. The assets can be helpful for the partner and children. A prenup, along with will, might be needed for the resolvent.
Prenups Protect Both Spouses
The person who first brings up this topic often gets an intensely adverse reaction from their partner, as many assume it comes from a place of greed. However, in a prenup, both parties can benefit from this agreement, and it actually protects both spouses.
First and foremost, both the partners have to agree on the prenup. If one denies any claims or clause, they can refuse to sign or resolve the issue and update the agreement. So, there is no room for misunderstanding. Both the spouses have to set clear terms of their marriage before signing the prenup. It gives the opportunity for both of them to have their rights preserved through the agreement.
Secondly, what the prenup does is that it helps one partner from harm to the other partner. For instance, if one partner is in debt or loses all their assets, it does not affect the other partner’s credibility or assets. One partner should not suffer for the other partner’s debts after a divorce.
Prenups can be Catered to Your Needs
You can protect your pre-marital property from your marriage by a prenup. You can have your inherited assets or property to yourself without your partner getting any of it and vice versa. This way, both of you can have your inheritance and not worry about losing them after a divorce or the death of one partner.
For inherited property or other things, you can add the items you want in the agreement or remove anything you do not want. There are no set rules for that. Therefore, the agreement can be different for different couples based on their needs and assets.
6 Ways of Convincing Your Partner for Prenup
Now comes the hardest part: convincing your partner to do a prenup. As we mentioned before, not everyone takes it as a positive thing and often gets stressed when the topic of prenup comes up.
We have shared some simple ways to bring up the topic of the prenup and how you can slowly convince your partner to a prenuptial agreement.
Plan the Conversation
Timing is very crucial for such sensitive topics. You need to plan ahead of the conversation. Choose a time when both of you are not under stress and have enough time to discuss. You can also plan how to start the conversation and what things you might discuss.
Raise the Issue in Advance
Make sure to talk about a prenup before getting married. If you bring it up after marriage, it can come as a surprise to your partner, and they might not take it positively. If possible, try sorting these issues before engagement. When you are under the stress of planning for the wedding, it can be overwhelming to think about the prenup. So, raise the topic sooner so both of you can have enough time to contemplate. Furthermore, if you cannot agree on your future together, you can reconsider your decisions too.
Discuss the Benefits of Prenups
Convince your spouse to a prenup by discussing all the benefits of the prenup. We have already mentioned that prenup is not only about wealth, greed, and exploitation. Prenups are meant to protect the assets of each other as well as support each other throughout their marriage and after. So, this is a logical decision to make before marriage.
Be Honest with Your Explanation
Honesty is the best policy; you should not start a relationship with lies. You must honestly explain why you are willing to opt for a prenup and why you think it is necessary. If you and your partner have a good understanding, they surely will understand your point of view.
Don’t Involve Parents
Your marriage and prenup should be your decision. Even if your parents influence you to have a prenup, it should be your call to go for the prenup. Do not involve your parents or their scenarios with yours. Your prenup should be about your relationship and protecting your assets and properties. Involving parents or other people can become toxic to your relationship.
Be compassionate when it comes to a prenuptial agreement. Do not expect one partner to have all the wealth while the other gets nothing. That will be the negative side that everyone fears about a prenup.
You need to come to terms where both of you can benefit from the prenup. None of you should feel that the prenup is being forced upon you.
With previous marriages, children, assets, inheritance, debts, and so on, relationships can get complicated, and so does finances among the partners. Prenups help couples collaborate through the marriage as well as after marriage. For many marriages, it is better to consider having prenups to avoid future financial issues.