People preparing for marriage generally need to be proactive about protecting themselves. For example, they may want to attend premarital counseling with their minister or pastor. Doing so helps ensure that the couple shares values and expectations for the marriage.
In some cases, people may want to establish formal protections by negotiating and signing a prenuptial agreement. Prenuptial agreements can strengthen a marriage. The engaged individuals have to discuss many of the same issues that might come up in premarital counseling. They have to disclose their financial circumstances and talk earnestly about what they expect from the marriage.
While anyone could benefit from the creation of prenuptial agreements, some people need protection more than others. People in one of the three circumstances outlined below may need to discuss a marital contract before getting married. What personal situations make prenuptial agreements particularly valuable?
1. Starting a blended family
Blended families begin when people with children from previous relationships commit to one another. They combine their households, which comes with many potential complications. A prenuptial agreement can clarify what resources and support each spouse intends to provide for one another and what they intend to preserve for their children.
Those starting blended families often need to draft prenuptial agreements and estate plans that address their unique circumstances. Doing so can protect everyone in the new blended family.
2. Entering a marriage with valuable assets
People remarrying after divorce or marrying after achieving personal success have a lot to lose if they divorce. While resources obtained prior to marriage are theoretically separate property, commingling frequently occurs during marriage.
Spouses share their resources, which can muddy the waters in the event of a divorce. If one fiance already owns a business or real property, they may want to designate those assets as separate property in a prenuptial agreement. The terms of the agreement can help protect them from the loss of their separate property if the marriage ends in divorce.
3. Planning to serve as a primary caregiver
When engaged couples talk about the future, their plans for children are often a hot topic. Sometimes, both spouses intend to continue working. Other times, one may agree to work part-time or to leave their career to raise the children.
People may also agree to put their careers on the back burner to care for aging parents or family members with special needs. Spouses who agree to make career sacrifices may want to negotiate a prenuptial agreement.
Realizing that certain circumstances make people vulnerable may inspire them to protect themselves. Spouses who start a marriage with a prenuptial agreement in place may have a healthier dynamic because of that agreement and may be less vulnerable to a devastating divorce if the marriage isn’t successful.
