The Other Side: Why Prenups are Important
A wedding is one of the most beautiful things that any person can experience in a lifetime. It’s an experience that’s nothing less than magical. However, you shouldn’t let the magic get into your head, at least not until you’ve finally processed a prenuptial agreement. And while this may ruin the vibe a little, I strongly believe that we can all agree that weddings, while beautiful, all require a great deal of preparation. And if we’re able to dedicate so much of our time and focus towards wedding preparations, what’s there to stop us from taking a few precautionary measures?
The time for joy and jubilation is usually reserved for the wedding day itself. Until then, the process is extremely stressful and nerve-wracking. Let’s be real, discussing prenuptial agreements is a bitter pill to swallow, especially when your wedding is coming up. But it’s a bitter pill that’s necessary to take. On that note, these are a few things to consider as to why you should strive to get a prenuptial agreement according to Divorce Lawyer Perth.
Financial Security
Prenuptial agreements are meant to protect both parties, regardless of financial status. Everyone wants to be financially stable and there are some cases where one spouse is wealthier than the other. A prenup allows for clear plans of action as to how both parties are going to remain financially secure even after the relationship ends.
Premarital Asset Protection
On the other hand, the wealthier spouse is going to want to be able to secure assets that were acquired prior to the marriage. A prenup will clearly state how these assets will be distributed in the event of a divorce, or worse, death of a spouse.
Protection Against Debt
It’s not uncommon that in some relationships, one of the spouses ends up incurring a significant amount of debt. Regardless of the reason, nobody wants to be dragged into someone else’s debt, especially if that person is no longer your spouse, either due to death or divorce. A prenuptial agreement helps to prevent this from happening. Basically, when the relationship ends, each spouse’s debts and obligations are solely their own to worry about.
Business Allocation
There are some cases where one of the spouses, whether before or during the marriage, owns a business. And because of this ownership, that spouse naturally has significantly higher shares of the business. Now, in the event of the dissolution of the relationship, naturally there needs to be a clear plan of action that would define how these shares would be distributed. It’s best to clarify things early on with a prenuptial agreement, rather than having to go through the tedious process of going through lengthy discussions about the matter later on.
Conclusion
Admittedly, this is an uncomfortable topic to discuss. The marriage hasn’t even began and you’re already planning out how you’re going to respond in case the relationship doesn’t work out. But keep in mind that it’s far better to discuss these things while you both have a clear head rather than to wait for the marriage to fall apart, in which case, you’re more likely to make drastic and often bad decisions. It’s something nobody wants to discuss, but it’s the elephant in the room that needs to be confronted.
