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Do Moderate Earners Need A Prenuptial Agreement?

The Micklin Law Group-Do Moderate Earners Need A Prenuptial Agreement?

Most high earners, celebrities, and other public figures who have a high stakes and high profile marriage opt to draft a prenuptial agreement before they tie the knot. However, the public perception that prenups are only for “rich people “can be damaging to other couples who could benefit from a prenup of their own. Men in New Jersey who earn a moderate income should still consider drafting a prenuptial agreement before they get married. Here’s why.

Forces Honest Conversations

Divorces happen – it’s a fact of life. Whether you’re adamantly against divorce for yourself or understand that it is sometimes necessary, you may have fears about your marriage “failing” or experiencing conflict. Discussing a prenuptial agreement with your fiancé will allow you to air your concerns and create a plan to address any potential issues before you get married.

In my line of work, I often see and hear about situations where one partner is ready to commit while the other partner isn’t so sure. This often stems from fears about how life will change once they’re married – will they have to give up their free time and friendships once they’re a spouse? Talk about these issues while you discuss creating a prenuptial agreement; you may be able to move past your fears and finally commit. 

You’ll Have to Discuss Finances

Financial issues are some of the most frequently cited reasons for divorce in America. Many couples don’t realize their differing opinions about finances until after they’re married, often when it’s too late to meet in the middle. After all, you often need to make quick decisions about finances once you are married, and you may not have time to work things out in the meantime.

As you create a prenuptial agreement, you’ll be forced to talk about finances with your future spouse. The conversation will center on current and future earnings and anticipated expenses. You can also discuss the standard of living you hope to achieve as a couple. When you have these conversations early on, you will both feel better about overcoming challenges together once you’re married. 

It’s Easier to Let Go

Have you ever been in a past relationship that was clearly failing, but you didn’t want to leave because you were tied together financially or lived together? This is a common experience for many of us, and it often prolongs the misery of being in an unhappy relationship. When you and your fiancé create a prenuptial agreement before you get married, you’ll both have a peace of mind that comes with knowing exactly how a potential divorce will shake out financially. If you start to have marital issues in the future, you won’t feel tied to the marriage because of worries about finances. Don’t lose sleep over how you would end up dividing your assets. Make a plan that you’re both comfortable with so you can enjoy every moment of your marriage without a sense of dread over finances.

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