Premarital agreements have become increasingly popular and they are no longer just a tool for the wealthy to keep their money. Acutally, blue-collar workers have more to gain from a premarital agreement as they are more affected by events such as recessions.
The truth is, premarital agreements serve as a financial-planning tool. Just because you have a premarital agreement does not mean that your marriage is doomed to fail. It just secures your assets in the event that divorce happens. Some argue, who would get married if they ever thought they would get a divorce? Well, it’s like the old saying goes, “prepare for the worst, hope for the best”. It is important to protect your assets.
It is hard to imagine creating a premarital agreement while planning for a wedding. However, both parties need to consider what they wish to protect if the ‘unthinkable’ happens. It is better to plan ahead and make an agreement while you are happy with someone than waiting until you are getting a divorce and hate them. Both parties are in a better state-of-mind and this helps expedite the process. Unless, everything is agreed upon and written by the parties, each party should also have their own attorney. This helps to ensure that BOTH parties are being protected by the document.
If you are unsure if a premarital agreement will benefit you, you should contact an attorney. Most attorney’s have free consultations so you can discuss your assets and what you wish to protect. Listen to the attorney’s advice and decide whether a premarital agreement is right for you.