While talking about the possibility of divorce does not excite most couples, the conversation sheds light on the difficulties of ending a marriage without a prenuptial agreement. Couples engaged to wed should know how to approach the topic and conversation with grace.
CNBC offers insights for ensuring a prenup agreement benefits both parties. When both spouses-to-be feel confident and comfortable with the agreement’s contents, they make space to enjoy their union and solidify trust in each other.
Discuss financial plans
Couples must learn how to have open, frank conversations about money. Besides discussing spending habits, partners should also talk about savings goals, open financial accounts, debt and individual relationships with money. Hiding debt may cause financial, emotional and mental issues later.
Talk with professionals
Legal and financial professionals help couples understand what to include in their prenup and what kind of prenup (simple or complex) may work most favorably. For legal professionals, each partner should have a personal representative rather than a shared one.
Review the prenup
After drafting the legal document, the couple should read the entire agreement. Partners must ask for clarity about anything they do not understand. Besides clarity, another reason for both partners to read and approve the final draft is so neither may say he or she did not understand the document’s contents or did not read what she or he signed if the couple divorces.
Those headed down the aisle should ease into signing a prenup. Typically, couples take half a year to create, agree on and sign their prenup agreement. Taking as much time as necessary keeps a person from feeling rushed, which may affect divorce proceedings.
Married partners deserve the peace of mind a well-written prenup agreement provides. Understanding the right perspective regarding the document sets the stage for success.