Tuesday, February 28, 2012

Ladies: If You Ain't No Punk Holla We Want Prenups

So you're in wedding planning heaven when your partner drops the bomb on you: he wants you to sign a prenuptial agreement before the two of you tie the knot. Your mind instantly flashes to Kanye West's "Gold Digger," video or to the jersey chasers featured on numerous "reality" television shows. But before you take that deep, "oh no he didn't just call me a gold digger," breath and tell him exactly what he can do with that prenup, consider this: a prenup is about a lot more than who gets what in the event of a divorce. As I've began taking the steps to boost my own credit score I learned that my student debts can become "our" debt whenever I do get married. I've also learned that any judgements (creditors, child support, previous alimony agreements, etc) can become both parities' responsibility once a couple marries. Even if your partner has none of the above credit issues, a prenuptial agreement can protect you against any possible future financial fiascos, i.e the Bernie Madoff scandal. As a result of Bernie's fraud Ruth Madoff had to give up $80 million in assets and can still be held liable in civil court. A prenuptial agreement would have left her safe from that civil liability and possibly secured some of the assets acquired during their marriage. My advice for any woman who's getting married: hire separate lawyers and have a fair, yet very clear prenuptial agreement drawn up. A good prenup will have marital clauses including cheating, infidelity, divorce and even death. But most importantly, a good prenuptial agreement will leave your credit score and finances intact, while also alleviating some of the stress that comes with marriage and joint finances. Me personally, I would never marry someone and have them unknowingly become fiscally responsible for my student loans should I decide to stop making payments. I also know that I am working too hard to reach that credit utopia of 750 and I refuse to let someone else's financial irresponsibilities set me back. I'm not only protecting myself, I'm also protecting my future...So ladies, take control of your financial future and let 'em know, "We want prenups..."

1 comment:

  1. I already plan to have one for all of those reasons.