There is nothing so hectic as planning for a wedding. Brides- and grooms-to-be in Wilkes-Barre have so much to do to make sure their wedding days go off without a hitch that sometimes they forget to talk about some of the important aspects of being married. While most couples have likely discussed issues like children and careers before getting married, they may not talk about finances. For young couples with considerable student loan debt, it is especially important to make sure they agree on how these debts will be paid off.
If there are any concerns about how student loans should be paid, it may be worthwhile to speak with a family law attorney about a prenuptial agreement. Often called a "prenup," this type of agreement makes certain aspects of marriage contractually enforceable. And with the average household debt for couples under 35 reaching $89,500 (which also includes mortgage debt), student loans are a growing concern for young couples. Additionally, prenuptial agreements can also provide guidance on how to divide marital property in the case of divorce.
For some people in Wilkes-Barre, the thought of spouses being solely responsible for their respective student loans may seem ridiculous or even impossible. Yet, with careful planning and clear communication, couples can do just that: pay off only the loans that they accrued. By formalizing that agreement in a prenuptial agreement, it becomes enforceable.
Although a prenuptial agreement may seem like the least romantic thing in the world, especially because it means couples are considering divorce even before their weddings, they can be important tools for a successful marriage. A prenuptial agreement forces couples to talk about a wide range of topics and can confirm that they actually agree on them before walking down the aisle.
Source: The Wall Street Journal, "Financial Issues to Discuss Before You Get Married," Daniel Lippman, Sept. 29, 2013