Having a prenup, aka prenuptial agreement, when a couple marries used to practically be a subject that was taboo. However, in today’s society, more couples are choosing to have one. Is this a good idea? Why would the parties involved want one if they are in love? What can happen if they do not have a prenup? These questions and more shall be answered in this brief blog.
Definition of Prenup
It is an agreement in writing of what will happen to each person’s assets and money if one of them perishes or if they divorce. It is most commonly done when one or both people come into the relationship with a significant amount of money. These days couples are choosing to have a prenup in the event one or both persons were to accumulate wealth during the course of their lifetime. A prenuptial agreement is a legally binding document. It is best to consult with a knowledgeable attorney if a prenup is desired.
Why Should You Have a Prenup at All?
A significant reason is if this is not the first marriage for either of these two people, especially if there are children from the previous marriage. A person would likely want all assets to be divided up between all their offspring. If he or she fails to get a prenup agreement, their assets could go to their spouse and the children get nothing.
Another reason is if one or both people come from a wealthy family and want their assets to go to their siblings instead of their current spouse. Without a prenuptial agreement, there could be long legal battles over their assets and money. Once again the intended benefactors, in this case, siblings, get nothing. To prevent this from occurring, a prenup is strongly advisable.
Additional Reasons for a Prenup
Even if this couple is not planning on having children, a prenup is still a good idea. Without one, in the case of a divorce or a death, one or both persons could wind up financially destitute and living on the streets. This is an all-too-real consequence of failing to draw up a prenup when they got married. If either or both persons have a successful business along the way, without a prenup he or she or both could end up losing the business and all earnings with it. In a prenuptial agreement details of what would happen to that business should be laid out in their entirety.
Where to Go for More Information
Start out by accessing the website of the number one relationship training app in the world – Relish! They are the first personal trainers of relationships anywhere on the planet. With the experts at Relish, it is more important that your relationship succeeds than they get X amounts of “likes” on the Internet. If you want to know everything you can about relationships, Relish is the best source.