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Can planning protect your inheritance in a divorce?

| Feb 21, 2019 | Divorce Financial Planning |

Getting married is an exciting time in your life. You are about to start building your future with your soon-to-be spouse. Along with that excitement comes worry too. Though you are not planning to split up, it would be foolish to not acknowledge it is a possibility. You are concerned what may happen later.

If you have an inheritance from your family, it is perfectly normal to want to protect this money. A prenuptial agreement is one way to protect this money. Here are five benefits of signing a prenuptial agreement.

You can protect certain assets

If you have money or property you inherited from your family, you want to keep these assets in your family. You can protect these assets with a prenuptial agreement. An agreement can stipulate the property will remain separately owned and will not become a marital asset. This will protect these assets from property division.

You talk honestly about finances from the beginning

Creating a prenuptial agreement forces you and your fiancée to talk openly about financial matters. You must disclose all your assets and debts, and he or she does as well. You also get an opportunity to discuss your financial goals and learn about your future partners. This can prevent misunderstandings and arguments later.

You can provide for children from a previous relationship

You or your fiancée may have children from a previous relationship. According to The Spruce, a prenuptial agreement allows you to set aside certain assets for the children. No matter what happens, you or your soon-to-be spouse can provide for their children.

You can avoid a messy divorce settlement

With a prenuptial agreement, you can decide how property will be divided if you and your spouse do get divorced. By agreeing to the terms ahead of time, you both make these decisions with a calm, rational mind. This can prevent a divorce from turning into a messy courtroom battle.

It is perfectly normal to be both excited and nervous to get married. Signing a prenuptial agreement can eliminate some uncertainty, and it also provokes honesty communication about finances. If you have family assets you wish to protect, a prenup may be the best way to accomplish that.