Planning a marriage? You should also plan for a divorce

There are three things that every soon-to-be-married lovebird likes to think about when planning a wedding: Lawyers, prenups and divorce.

Okay, maybe not. When planning your romantic ceremony, these are probably the last three things on your mind—but they shouldn’t be. Anticipating a divorce is actually a very smart financial strategy before you legally tie the knot.

Preparing is practical

No couple wants to believe that they might someday divorce. But the reality is that 50 percent of marriages in the United States will end in divorce. This makes financial planning for a divorce practical, not cynical. Planning your finances around a possible split does not break your relationship’s romance. It is simply practical to address this possibility.

Consider separate finances

Joint accounts can be useful for joint expenses. It may also be a good idea to keep some aspects of your finances separate. If you commingle funds with your partner, it can be very difficult to separate them in the event of a divorce. Not to mention, you could be on the hook for any debts or unwise purchases that your spouse makes—even if you two do split up.

Prenups: Not just for celebrities

Many couples believe that prenuptial agreements are only for the rich and famous. While it is true that many middle-class people do not sign prenuptial agreements, this is an indication of poor planning rather than financial status. Everyone should consider a prenuptial agreement before marriage. In the event that the two of you should split up, a prenup can help protect your finances from an otherwise-costly divorce process.