Anyone has the option to sign a prenup before they get married. Signing a prenup can serve a variety of purposes—including ones entirely unrelated to the possibility of going through a divorce down the road. So, should you ask your fiancé to sign a prenup? Learn about some important considerations from an experienced Bridgeton family lawyer:
Why You Might Consider Asking Your Fiancé to Sign a Prenup
While signing a prenuptial agreement (or “prenup”) is often viewed as “planning for divorce,” this overlooks the fact that a well-drafted prenup can serve an extremely wide range of purposes. Yes, signing a prenup can help reduce the costs of going through a divorce, but it can help with a variety of other matters as well.
Here are just some of the reasons why you might consider asking your fiancé to sign a prenup in New Jersey:
Managing, Prioritizing, and Paying Off Your Debts
Many couples use their prenup as a tool to manage, prioritize, and pay off their debts. A prenup is a formal written agreement—and, within limits, you and your fiancé can agree to just about anything you want. For example, many couples use their prenups to:
- Set limits on how much debt they will incur;
- Agree that they will not get behind on credit card or loan payments if they can avoid doing so; and/or,
- Create a schedule for paying off their existing debts early.
If managing or paying off your debts is important to you, this is a topic that you and your fiancé can address before you tie the knot. This way, you will both know that you have the same priorities, and you won’t have to worry about having fundamental disagreements about how much debt you should take on during your marriage.
Managing Your Spending, Savings, and Family Finances
Along with using your prenup to manage your debts, you can also use your prenup to manage your spending, savings, and family finances. Here are some examples of common terms:
- Agreeing to save a certain minimum amount each month (if possible);
- Setting a monthly budget for luxuries and other unnecessary purchases; and,
- Setting long-term retirement savings goals.
These truly are just examples. One of the great features of prenuptial agreements is that they can (and should) be custom-tailored to each couple’s individual circumstances. No matter how you and your fiancé choose to manage and prioritize your spending and savings, your Bridgeton family lawyer can draft the terms of your prenup accordingly.
Managing Your Household
In addition to financial management, couples can also use their prenups to address various aspects of household management. This can include everything from agreeing not to get behind on chores to splitting up driving duties for children’s school and extracurricular activities.
Some couples won’t find this necessary—and that’s completely fine. Again, your prenup can (and should) be custom-tailored to your individual wants and needs. But, if you and your fiancé want to establish any roles or responsibilities up front so that you don’t have to try to come to terms in the future, this can be a highly effective use of a prenup as well. For many couples, having these discussions and setting mutual expectations at the outset of their marriage can prove to be beneficial in a variety of ways.
Managing Your Business
If you own a business, addressing its ownership and management in a prenuptial agreement is one way to set clear expectations and avoid unnecessary conflicts in the future. Do you want your fiancé to play an active role in the business? Do you want your fiancé to become a co-owner? Or, do you want to keep your business and your marriage completely separate?
There is no single “right” answer to any of these questions. Here too, addressing these issues in a prenup is largely about making sure you and your fiancé are on the same page. If you and your fiancé both know what to expect regarding ownership and management of your business, this can help avoid issues in your business and your marriage in the future.
Amicably Resolving Disagreements When They Arise
In a healthy marriage, spouses will disagree from time to time. When spouses disagree about something important, finding a mutually satisfactory path forward is essential for avoiding resentment and other negative feelings.
Another way fiancés can mutually benefit from entering into a prenup is by establishing terms for amicably resolving disagreements when they arise. If you and your partner have agreed to avoid personal attacks, take a constructive approach, and perhaps even talk to a therapist or mediator when necessary, this can help prevent disagreements from devolving into contentious disputes.
Addressing Property Ownership During and After the Marriage
Fiancés will also frequently use their prenups to address property ownership both during and after their marriage. This is not exclusive to dividing their property in the event of a divorce. For example, many couples will prefer to agree in advance about issues such as:
- Who will own (and have primary say regarding) second homes, vehicles, and other high-value items brought into the marriage;
- How they will manage items received by gift or inheritance from their respective family members during their marriage; and,
- Responsibilities regarding pets that one fiancé brings into the couple’s marriage.
Certain property-related issues may need to be addressed in the fiancés’ respective estate plans as well, and, in many cases, drafting a prenup and estate planning will go hand in hand. Once again, what you decide to do is up to you—the key is to make informed decisions focused on the future.
Questions About Signing a Prenup? Speak with an Experienced Bridgeton Family Lawyer in Confidence
Do you have questions about signing a prenup in New Jersey? If so, we invite you to get in touch. To discuss your options with an experienced Bridgeton family lawyer in confidence, please call 877-435-6371 or contact us online today.
