You might be a little worried if your future spouse asks you to sign a prenuptial agreement. But this may be less because of how prenuptial agreements truly work and more because of the negative misconceptions surrounding them. Many people feel like prenuptial agreements take the romance out of marriage or perhaps are only for the wealthy. Both of these misconceptions are not true at all. In fact, you may find that having a prenup in place will get your marriage off on the right foot and make both you and your spouse feel a lot safer. However, there are some questions that you may want to ask before signing a prenuptial agreement. Let’s look into them below.
1. Are Children in Our Future?
It’s estimated that 90% of people marry before the age of 50 in western cultures, according to the American Psychology Association. One big reason why they do this is that many married couples do want children. This is something that you should certainly discuss before you get married, but definitely before you get a prenup put in place as well. You need to think about how you would like your assets split between your future children. Of course, for all you know, you may have more or fewer children than you expect. Fortunately, your prenup can be revised on this level if need be.
2. Do Either of Us Have Businesses?
A prenup will need to take into account whether you or your future spouse own businesses. Perhaps you own a business and want to make sure that if your marriage does end, it will be protected. Many business owners include their businesses in their prenups, as it’s possible to lose some or all of your ownership in a business in the midst of a divorce.
3. Do We Have Debts?
It may not be very exciting to have a conversation regarding credit with your spouse, but it’s something that both of you need to think about. When you marry, you could be legally attaching yourself to serious debt. If you or your spouse have debt issues, this can be addressed in a prenup in order to ensure that both of you are properly protected.
Approaching the subject of a prenup can be awkward, but it’s important. Ultimately, both of you will feel more comfortable and secure with a prenup in place.