Many people do not like to discuss a prenuptial agreement because it doesn’t really have a function unless the marriage fails. Under that logic, it would never make sense to get life insurance because you never expect to die. If your marriage succeeds, great. No problem. If your marriage fails, you will be incredibly glad to have this document.
The best time to start talking about credit and financial stability is early in the dating game — the earlier the better! Don’t you want to know if a person is a financial train wreck before you fall in love with them? Take time to get to know each other, in every sense of the word. While discussing religion and politics take extra time to talk about credit, money and long term financial goals.
The most common change in financial affairs after saying “I do” is simply to take a closer look at your combined income. 37 Percent of people indicated they began paying more attention to their finances after tying the knot. What happens after that look is taken depends on the marriage in question — although being financially aware and honest with a spouse seem like smart bets for anyone. If your spouse has a tendency to rack up debt, you could one day be on the hook for it, but a prenuptial agreement can help protect you – and your assets.
Anyone who has ever been married is sure to have had a row with their partner about money. Differences in salary, savings and spending habits all help to drive a wedge between the average couple, and in some cases, financial stresses can be enough to lead to the complete breakdown of a relationship.
At the most basic level, a prenuptial agreement is a contract that clearly defines the division of assets should the marriage end in divorce. Entering into the agreement at or near the time of engagement is highly recommended.
Entering into a contract regarding your will, finances or assets could be a mistake without first getting legal advice. Legally Married specialises in negotiating and drafting premarital agreements. Contact us info@legallymarried.co.za