Some people view prenuptial agreements as planning for a marriage to fail. That is not true. A prenuptial agreement gives you and your partner the opportunity to plan for the future. While it may not sound particularly romantic, it can help get your marriage off on the right foot.
There are many reasons why you may be considering a prenup. Here are a few benefits of signing a prenuptial agreement.
Financial matters are out in the open
Signing a prenuptial agreement forces you and your soon-to-be spouse to discuss finances before you get married. You learn about all your partner’s assets and debts, and you discuss financial goals. One of the most common things couples fight about is money. Being open and honest about finances from the beginning could prevent arguments later.
Protects a business
If you or your fiancée own a business, protecting your business is probably a primary concern. A prenup allows you to stipulate a business remains a separate asset, and the partner who owns it will retain it if you divorce.
Provide for children from a previous marriage
You or your partner may have children from a previous relationship. You also may be planning to have more children together. Even if you are not having more kids, you can include language in your prenup that sets aside certain assets for your children. According to The Spruce, that way you know your children will be provided for, no matter what happens.
Determine how property is divided
Virginia is an equitable distribution state. If you divorce, your property is divided equitably, though not necessarily evenly. Creating a prenuptial agreement allows you to decide ahead of time how assets will be divided. Dividing property is easier to do when you have a clear head. Making these decisions now prevents potential conflict and could keep you and your partner out of court.
Drawing up a prenuptial agreement may not sound like much fun. However, it forces you and your soon-to-be spouse to have honest conversations about finances, allows you to protect a business, provides for your children and lets you settle property division calmly and rationally.