Shouldn’t saying “I do” be enough? For more and more marrying couples these days, before they take a walk down the aisle forevermore, they’re penning their autographs onto prenuptial agreements. But why do this if you’re convinced you’ll be together forever?
Quite simply, it’s like buying health insurance or life insurance. You don’t buy it because you’re going to use it every single day of your life. You buy it for that “just in case” moment. They say life is what happens when you make other plans, and that applies to marriage as well. You want to protect your investment into that person, so you protect yourself in the event of an emergency.
Sure, you might be all lovey-dovey now, but will things be the same in 5 years? 10 years? Will you even make it that long? Some say this cynical type of thinking is what is unraveling marriages at an alarming rate but the fact of the matter is that most people aren’t built for monogamy. It’s very difficult to stay with one person for the rest of your life.
Another reason is that perceptions shift. When it was just the two of you, life was different. Add some kids and stressful jobs and suddenly, there’s no love anymore. Or certainly nothing that feels like romantic love.
If you have a lot of assets, it’s best to protect them for the future. You may never need to pull out your prenup ever again after having signed it, but if the walls come tumbling down, you’ll be glad it’s there.
So do you really need a prenup? Financial experts advise that you’re better off with one, especially if any of the following applies to you:
- You own a business.
- You have children from a previous marriage.
- You will receive a large inheritance later on in life.
- You manage money differently than your partner.
Additionally, if you have a lot of money now and a lot of property, it’s best to protect it. Once you marry, you’ll be tasked with the less romantic aspects of relationships such as carrying for one another when you’re ill, handling aging dying relatives, and other not-so-fun topics. By signing a prenup together, you’re agreeing to forge ahead into the unpleasantness of life together, and should the things that come at you tear you apart, you won’t have to deal with the nitpicking and separating of items that come with divorces in an excruciating manner. That’s something to think about now before the road ahead becomes bumpy.