You and your fiancé just got engaged or are finalizing the wedding details. Like many Millennials or young adults, you might not consider yourself in need of a prenuptial agreement.
You aren’t rich. You just started your career and don’t make a huge salary. Your school loan balances are overwhelming. The last thing you need to do is rock the boat by discussing a prenup.
Why do you need a prenuptial agreement?
You are young, in love and you aren’t going to make the same mistakes other people did. Divorce is not an option… until life happens, feelings change and mistakes are made despite your best efforts.
Discussing finances and expectations early in the commitment process could save you a mountain of headache later. And those student loans – debt can be split equitably in a divorce, especially if you take on more loans after marriage.
Some things to keep in mind regarding a prenuptial agreement:
- Think of a prenup as a practical discussion of your future – one that has yet to be written.
- While you may indeed be poor now, this may not always be the case.
- Learning to discuss money early can set you up for a more successful post-wedding relationship.
- A prenuptial agreement allows you to be in control at the beginning rather than letting lawyers and courts decide later during a divorce.
Potential terms to include in prenup:
- The basics: splitting asset and wealth.
- Debt responsibilities.
- Alimony/spousal support obligations.
- Custody of pets and other intangibles – favorite furniture for example.
- Social media gag orders and goodwill clauses – let’s say one of you gets famous (unexpectedly) or runs for office – do you want your former spouse sharing embarrassing photos?
For a pre or post-nuptial agreement you will need to consult a family law attorney. Investing in your financial health even if it seems uncomfortable will benefit both partners in the long-run.