Why would I need a prenup?
Myth #1: We don't have any assets.
Fact: The goal is not just to protect wealth! A prenup lets you and your partner decide ahead of time how your separation will go. It lets you write your own rules. A pre-determined plan will reduce conflict and litigation in case of separation - which saves both financial and emotional costs.
Myth #2: They're only for divorce.
Fact: A prenup is a key part of your estate plan, especially for blended families. It ensures that what you leave to your children goes to them, and your estate is dealt with how you intended. Did you know your spouse can claim equalization after your death?
Fact: A prenup is also a useful tool to set out how you will share expenses or other financial matters during your relationship, such as down payments on property, proceeds of a sale, or business debts.
Myth #3: I have the lower income.
Fact: A prenup can contain provisions for financial support that you might not otherwise get, or might have to fight to receive. Making financial decisions now, and documenting them, will allow you to make confident decisions for your family throughout your relationships. Deciding on financial issues now also lets you focus on your children and your own wellbeing in a separation.
Not sure how to talk to your partner?
Check out our previous post about asking for a prenup here.
Want to learn more?
- Prenuptial Agreements: Do's and Don't's
- The Role of Prenuptial Agreements
- Why You Should Consider a Prenup
Come to the Tie the Knot Urban Wedding Show on February 17, 2018 to meet Linsey Rains of Cadham Rains Law as well as the Fresh Legal team. We will be there answering questions about the legal implications of getting married. We will also be hosting a free "Before you tie the knot!" information session on February 26, 2018.