Prenuptial agreements may not seem very romantic, but it is the perfect gift for your significant other. Creating an agreement like this allows you to plan your life together, even after marriage. Read our blog to see why you should give the gift of a prenup this Valentine’s Day.
What is a prenup?
Before you talk about a prenup with your spouse, you must know what one is. Its legal definition defines it as “a contract entered into before marriage setting the terms for separation.” Continue reading, and we will break it down.
A prenup will help you dive into your finances and set a clear stage for marriage. Both you and your partner will work individually with an attorney to figure out how you would like to divide your assets and come together to make a solid plan. Think of it as financial vows!
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How is a prenup romantic?
Pre-marital vows can be romantic in lots of different ways. They encourage honest communication, plan for the future, and protect each other. Here are three reasons why giving the gift of a prenup is romantic.
Honest communication
Honesty is the best policy, especially when it comes to marriage. While it may seem overwhelming to tell your partner everything about your finances, it can save you trouble down the road. Communicate honestly, and empathize with your partner.
Plan for the future
No matter what, it is romantic to plan for the future. A prenuptial agreement shows your partner that you are willing to be with them for the long haul. They will appreciate that you are thinking about the future and that your future includes them.
Protect each other
A prenuptial agreement can be a way to protect each other. You could save your partner from future heartbreak or extreme debt. When you take the mindset of protecting each other, a prenup becomes a safety measure for both of you.
How do I get a prenup?
A prenup is only valid if both partners have their own attorney. This is because each person needs legal protection to prevent either party from being taken advantage of. Having separate attorneys will allow the agreement to be fair and equal.
You will need to contact an attorney and draft up a document to get a prenup. List out your expectations and what should happen if the marriage ends. Then, have your lawyers review and revise it so that you both have a fair document.
Even though you can draft your prenup, it is encouraged to go through an attorney. Lawyers may bring up assets you may not have thought of or essential factors to consider. Additionally, they can help you file the correct paperwork to ensure that your prenup is legally sound.
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What does a prenup entail?
A prenup lists the property and debts of each partner. It specifies the property rights after the marriage and protects either spouse from losing a potential inheritance or familial property. The agreement also helps you understand your thoughts on your financials.
This type of agreement also asks couples to get into the details of their finances and how each spouse thinks about money. Both partners have to think and talk about their financial goals, attitudes about money, spending and saving habits, and any accrued debts.
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What happens if I don’t have a prenup?
Without a prenuptial agreement, Alabama’s state laws determine who owns the property and debts acquired during the marriage. This means that at the end of the marriage, whether by divorce or the death of one spouse, the state will have a say in who gets what.
States get a say in property rights since marriage is considered a contract under the law, and each spouse has automatic property rights. Suppose you and your partner do not like this outcome. In that case, a prenuptial agreement is critical for ensuring that your property rights are handled the way you want.
Talk to an attorney
When you give the gift of a prenup, you are communicating honestly, planning for the future, and protecting each other. This further solidifies your bond and helps you feel more secure in your marriage and future life.
If you are interested in learning more about prenuptial agreements and how to draft them, do not hesitate to reach out to us. We will guide you through the process and be there for you during this exciting time.
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