Why everyone should get a prenup, according to 'Broke Millennial' author Erin Lowry investinyou (In partnership with acorns.)
Though it's not exactly romantic, everyone getting married should sign a prenuptial agreement, which stipulates how a couple's assets will be distributed in a divorce, Lowry tells"While marriage is about love and about trust, it is also the merger of assets. It is a contractual agreement, and at no other point in your life would you be asked to sign a contract on blind faith alone," says Lowry, who got married at 29.
It's important to recognize that marriage is not just a commitment to love and care for your partner, but to take on their debts and financial obligations, and make every money decision together going forward, she says. While marriage is about love and about trust, it is also the merger of assets. It is a contractual agreement.And while a prenup might seem like an awkward subject to broach, it's a necessary one, says Lowry. It can make the divorce process run smoothly and minimize the heightened emotional reactions that are likely to accompany the dissolution of a marriage. Plus, it ensures that the partners involved, and not the government, dictate the terms.
"Everyone actually has a prenup, it's just the law of their state," she says. "If you're not going to make a prenup for yourself, make sure that you very much understand the ins and outs of the laws in your state.", which means that all of the wealth and assets accrued during the marriage are split evenly between the two partners in the case of a divorce, unless there is a pre- or postnuptial agreement.
Most states are common law states, which means if one partner's name is on the deed for the house, for example, that partner alone keeps ownership of it. If both people in the marriage are on the deed, then any proceeds from a home sale are divided evenly., a financial education company. A prenup can ease some of the tension.
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