Does your premarital agreement have your best interests in mind?

Entering into a marriage is a significant and joyous occasion in life. It often brings two people together who share love, trust and common goals. Along with the emotional aspects of this union, there are also practical considerations that many couples choose to address before tying the knot. One of these considerations is the premarital agreement, also known as a prenuptial agreement or “prenup.”

Harris Poll conducted a survey of 1,000 married couples and found that only 15% of them had a prenuptial agreement. While a prenup may not be the most romantic aspect of planning a wedding, it can provide peace of mind for both parties involved. However, it is essential to ensure that the agreement genuinely reflects your best interests and the shared goals of the relationship.

Understand the purpose

The primary purpose of a premarital agreement is to protect individual assets and define financial responsibilities within the marriage. It can cover various topics, such as property division, spousal support and debt allocation. Understanding what you want to achieve with this agreement helps ensure that it aligns with your best interests.

Open and honest communication

Open and honest communication is key to creating a fair and balanced premarital agreement. You and your partner should discuss your financial situation, assets, debts and what you both expect from the agreement. This ensures that both parties are on the same page and that the agreement reflects your joint decisions.

Fairness is important

An agreement that heavily favors one party over the other can create resentment and mistrust. Strive for a fair and equitable arrangement that considers both of your financial situations. It may not be a 50/50 split, but it should feel fair to both of you.

Flexibility and future considerations

Life changes and your premarital agreement should be able to adapt to those changes. Consider including provisions that allow for modifications based on significant life events such as the birth of a child, loss of a job or other unforeseen circumstances.

A premarital agreement is not just a legal document; it is a reflection of the understanding, trust and shared vision within a relationship. By focusing on open communication and creating a trusting atmosphere, you can create a premarital agreement that truly has your best interests in mind. Remember, this agreement is a part of your journey together, and it should foster, not hinder, the love and commitment you share.