Hearing your partner talk about a prenup may be unsettling. It is natural for you to conjure up feelings of mistrust. Does my partner really love me? Does my partner think I am only after their money? Is this my partner’s way of saying our marriage is not going to last? It is important to know there are benefits in having a prenuptial agreement.
Hear your partner out
Just because a prenup is brought to you, it does not necessarily mean your partner doubts the marriage will last. There are rational reasons as to why one may want a prenuptial agreement. A common belief is that a prenup is much like insurance. You should always be covered, as you never know what may happen. The prenup is essentially a safety net. Here are some benefits of having a signed prenuptial agreement:
- Lower cost of divorce
- Set up plans for spousal support
- Jointly decide on a property division arrangement
- Ability to make decisions rather than having a court decide for you
- Protect one spouse from the other’s debt
- Begin financial planning before the wedding
Collaborate on terms together
This is an opportunity for you to collaborate with your partner. Ask questions and make sure the agreement is fair for both people. When it comes to a divorce, Alabama is an equitable distribution state; however, the standard for equity does not necessarily mean all assets are split down the middle. Property each person had coming into the marriage usually stays with the spouse who owned it beforehand. Martial assets are divided during divorce.
Thoroughly discussing Alabama law and asset division with your partner may explain why your partner is interested in signing a prenup. This should not be a secret. Is your spouse looking to avoid paying off a significant debt you may hold? Is your spouse looking to maintain the profits from their business in the event of divorce?
Have an open mind when it comes to prenuptial agreements. You can both benefit from collaboration on a prenuptial agreement. If worse comes to worst, you two will have created a safety net that makes it easier to move on after a divorce.