Prenups mean prenuptial agreement; it is a contract signed between two people when they marry. The prenuptial contract states how much property and money would be divided among the married couple if they ever get a divorce. It is an agreement and is signed with both the couple’s willingness. Prenups are a wise thing to do because it lessens the problems one faces later regarding assets and property.
Many couples sign prenups on their first marriage, but many signs on their second and third marriages. They basically sign it so they won’t have to face the same financial problems they faced before. They are pretty much aware of the problems they can face. Also, some people take advantage and get themselves a better deal out of the money. To avoid all these problems, couples nowadays sign a prenuptial agreement.
Here are five things to know about prenups
1. Know the basics
Before getting into a prenuptial agreement, make sure you know the basics. The prenuptial agreement is a private agreement signed between a couple when they are going to get married. Prenuptial means it will be signed before your marriage. So, the prenuptial agreement states that if you guys ever get divorced or if one of you dies, how many assets like property and money will you get.
The laws and rules of this agreement vary with the place a couple is living in. Couples try to find outlaws of which country they would most benefit from. Also, when you are signing or deciding to sign a prenuptial agreement, you are supposed to be fair. It means that you have to fully disclose all your present assets before the law. Otherwise, you may have to face problems later.
It is a wiser thing if both the couple don’t have the same lawyer. You should have an individual lawyer who will be explaining laws and norms about the contract you are going to sign. Often, the other party, after marriage, tries to bribe the lawyers and get themselves a better deal. It creates chaos, confusion, and arguments later. So it is better to hire your individual lawyers. You can also hire family lawyers Melbourne or whichever place you live in; family lawyers can be more understanding.
3. Full Disclosure
It would be best if you had full disclosure of your assets, or you will have to face penalties afterward. You have to let your other half and the lawyers or attorneys involved know about all the assets, properties, and money you possess. Then only will you be able to sign the prenuptial agreement? Be fair about yourself and about whatever you own.
4. It does not include your children
When you sign a prenuptial agreement, generally, the children you both will have in the future do not count. Although, you and your partner can express this though if you want to. The laws vary in every place, and at some places, it is allowed, and at some places, it is not. Involving your children means taking care of the children’s future needs after the divorce or death. There are some states or countries that have allowed it, but there are still some countries that haven’t allowed it, including your child. It is wise not to include your children because no single parent can cover all the expenses.
5. Is it wrong or right?
Often people call the prenuptial agreement ‘kill the romance before marriage,’ but you should try not to pay any heed to such things. It is because a prenuptial agreement will lead to healthy communication between the couple. They will know during their entire married life that they have fewer worries. Also, it requires honesty and courage to sign such an agreement. Signing prenups before marriage will help you to strengthen your bond. Thus, signing prenups is right.
I hope our blog helps you know what prenups are and why they should be discussed and signed as early as possible. Although many people will be against it, you should turn deaf ears to them and make your marriage life healthy.