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What are the benefits of prenuptial agreements?

| May 8, 2020 | Prenuptial Agreements |

People who watch the trends agree that prenuptial agreements are becoming more common. Couples of all ages and from all walks of life are entering into prenups. As prenuptial agreements become more popular, a portion of the stigma around them has lifted, making it potentially easier to start the conversation about marital property planning with your future spouse.

However, you may still feel awkward or uncomfortable bringing up the subject. It may help if you understand how a prenuptial agreement may actually be of benefit to you and your future spouse.

  1. Compromise and communication

According to Money Magazine, open communication about finances makes the process of the prenuptial agreement go much more smoothly. Learning to communicate openly now is also a useful skill that will serve both of you well in the future when you inevitably run into rocky patches in your marriage. If both of you have strong views about what should go into your prenup, you will have to learn to compromise, which is another skill that can help you resolve future conflicts.

  1. Full financial disclosure

A prenuptial agreement requires you to bring to light any difficult or embarrassing financial situations. While it may be painful in the short term to discuss these, it is better to get them out in the open now so that if they cause problems later, you will both be ready to face them.

  1. Protection

You and your future spouse love each other. Presumably, this means that you want to protect each other from any unnecessary hardship, whether now or in the future. Making alimony arrangements now is potentially a way to protect your spouse. If you have outstanding debt, your prenuptial agreement can protect your spouse from having to shoulder some of your burden following the end of the relationship. If your spouse owns a business, a prenuptial agreement can ensure that he or she will not lose it after working so hard to achieve it.