Starting a partnership with another person is an exciting time. You look forward to your life together and planning your future.
Whether you are already married or looking forward to the day you commit to each other, it may be a good time to consider a marital agreement.
Here are a few reasons a marital agreement may be a good idea as you start your life together.
Make tough decisions while you’re happy
Divorce tends to get messy. Since divorce often has negative associations, an agreement that plans for how you will handle a divorce tends to seem negative, too.
However, a marital agreement is not a commitment to get a divorce; it acts more like an insurance plan for what you will do if your marriage does not go the way you hope. The advantage of creating a marital agreement while planning your life together is that you are already mentally in a good place to work together.
Rather than the angry and bitter feelings that come with a divorce, you can create a marital agreement with each other’s interests in mind.
Protecting what is yours
Whether you inherited an asset from a loved one or you spent your younger years building a business, those are assets you will want to protect into the future. While you may not mind sharing what you have while you are married, those assets may be essential to maintaining your life and lifestyle if you and your partner get divorced.
When you create a marital agreement, you can establish certain assets as yours and make a plan for what happens to them if you decide to divorce. Creating an agreement does not mean you will divorce; it simply provides a plan if you choose to divorce.
There are important nuances to creating a marital agreement, so it is essential to talk to a skilled professional about what you can and cannot include.