Considering what happens during a divorce before ever saying “I do” likely feels counterintuitive to most couples. However, creating a prenuptial agreement can offer benefits during marriage as well as during divorce, should one occur down the line. This is particularly true for Minnesota couples who have significant assets that they wish to protect.
Talking about money is hard, so it may come as no surprise that money issues are a common driving factor of divorce. Couples with prenuptial agreements may have a leg up when it comes to dealing with finances, though. When crafting a prenup, both parties have to lay out their entire financial situations. This gives them the opportunity to discuss and create shared goals regarding:
- spending habits
- saving goals
- accrued debts
- and more
The reality is that most people can benefit from a prenup. Those who have significant financial interests may have an even greater need to seek out these protections, though. For example, one might consider a prenup if one or both spouses:
- is a business owner
- has considerable personal debt
- is wealthier
- is expecting an inheritance
A prenuptial agreement is not an indication that a marriage is doomed to fail. Indeed, it might even be viewed as an indication that both parties are committed to one another enough to be open and honest about difficult financial topics. Pulling all of one’s financial information together into a cohesive prenuptial agreement can be a challenge, though, especially while in the middle of planning a wedding, so it may be wise to seek guidance from an attorney who is well versed in Minnesota family law.