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Do I need a prenup? 5 questions to ask yourself

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Getting married requires you to answer many questions, from "Will you marry me?" to "Do you take each other for better or worse?" While these questions may have easy answers, not all of them do.

For instance, one question you may need to answer is "Should we be signing a prenuptial agreement?" This can be a more complicated question to answer than you thought, and you might actually need to ask yourself some additional questions before you can make a decision.

  1. What assets am I bringing into the marriage? If you and your partner have significant assets, complex assets or very different levels of wealth than each other, it can be wise to consider a prenup.
  2. Do I own a business? Does my soon-to-be spouse have a business? Having a stake in a business adds complexity to any property division settlement. In order to protect an individual stake in a business, signing a prenup can be wise.
  3. Are there specific assets I want to leave to my children in my estate plan? If you have children from another marriage, you may have certain things you want them to inherit. You can protect these wishes in a prenup so that the assets are reserved for your kids.
  4. Do I have very different spending habits than my partner has? If you are a saver and your partner is a spender, you could have wildly different approaches to money. You can address these behaviors in your prenup and set rules for any savings and/or debts you each may have.
  5. Will a prenup give me peace of mind? Sometimes, all you need to know is that you and your soon-to-be spouse are on the same page. Discussing financial matters before getting married can be difficult, but it can help you feel more confident entering a marriage.

Examining these and other questions with your partner and with an attorney can help you make critical decisions on what is best for you, your marriage and your financial future.

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