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Living together? Time to think about a prenuptial agreement

If you and your romantic partner have decided to live together, now is the time to start thinking about what your values and priorities are when it comes to drafting a prenuptial agreement. “Wait a minute!” you may be saying. “My partner and I aren’t even thinking about getting married yet. Why should we be thinking about what we would want out of prenuptial agreements?”

Prenuptial agreements are now utilized in order to give relationships solid foundations as much as they are to protect individuals in the event of divorce. When couples sit down to draft prenuptial agreements, they are compelled to face their own financial priorities, values and expectations. They are similarly compelled to learn about their partner’s views on these issues.

If you are living with your romantic partner, there may come a day when you desire to get married or to sign a cohabitation agreement. If and when that day comes, you do not want to be blindsided by the significant financial issues you will need to address. You will also not want to be blindsided by the potential that you and your partner could have wildly conflicting financial priorities and expectations.

If you are living with your romantic partner, it is time to start exploring your own financial needs and desires and to start learning about your partner’s. Failure to do so could make drafting a prenuptial agreement an incredibly uncomfortable and eye-opening process down the road. It is better to seek a stable foundation now than to risk learning that you are incompatible once you have made the decision to commit for life.

Source: The Huffington Post, “Everything You Want to Know About Living Together Before Marriage (But Are Too Afraid To Ask),” Rebecca Adams, July 23, 2014

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