Okay Money Bitches – we get this is a tough topic, but since our mission is to help you own your financial future, it’s one we absolutely need to discuss.
I’m sure you’re heard of pre and postnuptial agreements, but you might not fully know WHY they’re a good idea.
Pre and postnuptial agreements are contracts couples sign to protect their assets in the event of a divorce or death. While these agreements may seem unromantic, they can offer peace of mind by ensuring that both parties know exactly what will happen to their property in the event of a split or death of one of the spouses.
We are firm believers in planning for when you hate each other WHILE you still love each other. Hopefully you won’t ever need them but trust us – you’ll be grateful you have them if you do.
Here are three ways prenuptial and postnuptial agreements can protect your assets, your children, AND you:
1. Prenuptial agreements can help protect your assets in the event of a divorce.
If you are considering getting married, it is important to think about the possible implications a divorce could have on your finances. A prenuptial agreement can help protect your assets in the event of a divorce by setting out specific arrangements for how property and assets will be divided in the event of a split.
If you are not in a position to be able to support yourself financially, a prenuptial agreement can help protect you from being taken advantage of by your spouse. The agreement can outline who is responsible for which debts and can also ensure that you are awarded a certain percentage of the marital assets in the event of a divorce. The agreement can also detail exactly how much property and money each person is entitled to in the event of a divorce, which can help avoid any disputes down the line.
2. Prenuptial agreements can help you plan for the future.
If you want to ensure that your children will inherit certain assets from you in the event of your death, a prenuptial agreement can be a useful way to do this. This will ensure your children are protected by providing details about who will inherit specific assets in the event of a divorce.
Prenuptial agreements can also help you plan for what will happen to your assets in the event of a death. When someone dies without a will, their assets must go through probate in order to be distributed to their heirs. However, if you have a prenuptial agreement in place, your assets will be distributed according to the agreement rather than going through probate. This can save your loved ones time and money after your death.
3. Postnuptial agreements can also be helpful in protecting your assets – and can be used to amend or revoke aspects of the prenuptial agreement if things change.
Just like prenuptial agreements, postnuptial agreements can help detail how property and assets will be divided in the event of a divorce or death.
What makes postnuptial agreements different is they can also be used to amend or revoke a prenuptial agreement. If circumstances change after you get married and you no longer want to be bound by the terms of your prenuptial agreement, you can use a postnuptial agreement to amend or revoke the original agreement. This can be helpful if you have since acquired more property or assets and want them to be protected in the event of a divorce.
“Okay but, how do I have this conversation with my significant other?”
The best way to have the conversation about prenuptial and postnuptial agreements with your significant other is to be open and honest about why you want one and what it would cover. It is important to make sure that both of you are on the same page about what the agreement would entail, and that neither of you feels like you are being taken advantage of. You may also want to consider hiring a lawyer to help draft the agreement so that both parties have a clear understanding of what is expected.