So you are finally deciding to get married. Well, has anyone mentioned a prenuptial agreement? also known as a “prenupt”. Maybe it hasn’t been brought up. You may want to take a look at some of the advantages of having a prenuptial agreement before taking that big leap into the realm of marriage.
Unfortunately, asking your fiancee to sign a prenuptial agreement is not going to be the most romantic thing ever done. Here are a few tips that can help you make it through it and show that you really do have their happiness in mind.
First things first, you need to understand what a prenuptial agreement is and what it is not. Usually a couple will not even bother to have the “prenupt” conversation because they are afraid that their partner will have suspicions about how strong you think the relationship is. But the best thing about having a “prenupt” is that it does exactly what it is supposed to do– it will either bring you closer together in your relationship and further strengthen it or it allow you both the ability to separate before things get so bad that you both commit financial suicide.
A good thing to know is that according to multiple family surveys, majority of both men and women are quite happy to discuss and sign a prenuptial agreement. Even more surprising is that women have a higher chance of suggesting the prenuptial agreement compared to men.
Who exactly does a “prenupt” apply to
Well it doesn’t matter what gender you are, a “prenupt” is going to be vital to everyone– especially young adults that are just starting out their careers and have decided to take the plunge. In New York the spouse is entitled to a significant percentage of the value of a professional license that was earned during the marriage or even a masters degree that was earned during the marriage.
In layman’s terms, if you were supported by your spouse, i.e. by being given gas money or lunch money during your time in school or as a business school student.
If you get divorced you may have been working the entire time for your former spouse. Basically what this means is your spouse invested in your education and under law they are entitled to collect on that investment.
Now this is where the prenuptial agreement comes into play. The “prenupt” allows you the ability to specify if your spouse will get a percentage, if anything, of your actual accumulated wealth. This can be quite helpful as it covers you financially. It can also protect any previous assets you have in place.
