You may think that if you don’t have much money or property to lose anyway, why bother with a prenuptial agreement? Well, if you’re getting married, chances are you have some level of income and financial assets; otherwise you wouldn’t have the resources to get married.
A prenuptial agreement is far cheaper than the cost of marriage or a divorce, so it’s not an unreasonable expenditure, and will likely save you money in the long run. Even if you never get divorced, a prenuptial agreement is a good tool for estate planning. This is especially true if you have children from a prior relationship and want to make sure they are guaranteed certain assets, if anything were to happen.
It’s smart to have a plan in writing that contains what is important to you in terms of your financial assets, and to know what your partner wants as well. This is part of being in an open and honest relationship. Too many people jump into a serious commitment, the legal contract of marriage, without fully knowing what their partner really cares about in terms of money. In fact, money is often put on the back burner in conversations because it’s assumed that money and love don’t go together. On the contrary, issues with money and lack of communication are the two primary reasons people report for getting a divorce.
If you don’t talk about financial issues from the beginning, when things are actually going well in your relationship, they will likely come up when it’s far too late to resolve them.
Consider a prenuptial agreement to be like purchasing insurance; you may never need to use it, but it’s there in case anything unfortunate happens.