Trying to figure out whether to get a prenup? Check out our article on some of the top prenuptial agreement pros and cons.
You love the person you have decided to marry, there’s no doubt about that. However, it can be hard to shake the feeling that you are leaving things to chance without putting protections in place.
What is a prenuptial agreement?
If you don’t know what a prenuptial agreement is, let me break it down for you. A prenuptial agreement—often shortened to prenup in everyday conversations—is a written contract that details the terms of a marriage, including but not limited to what happens in the event of a divorce.
In a marriage, it is always important to make sure that you and your partner are on the same page. A prenuptial agreement can ensure that both partners can live comfortably if the relationship doesn’t work out.
Top Prenuptial Agreement Pros and Cons
Pros
1. Protection from Debt
Debt that accumulates during a marriage often gets split evenly between spouses during a divorce. If you want to protect yourself from certain debts—such as student loans that one spouse takes out to return to school—then a prenuptial agreement may be able to help.
2. Protection for the Family Business
When spouses own a business together, things can get messy if they get divorced. A prenuptial agreement can give your business the protection it needs to withstand an acrimonious divorce battle.
3. Protection for Your Children’s Inheritance
Many people choose to create a prenuptial agreement to keep their children’s inheritance intact. Whether one spouse has children from a prior marriage that they want to ensure get what they need or both spouses want to set aside a certain amount for the kids in case of death or divorce, a prenup can help make sure the money goes where it is needed.
Cons
4. Prenups Often Favor One Spouse
If your future spouse asks you to sign a prenuptial agreement that you and your attorney had no hand in drafting, you should proceed with caution. A good prenup protects both parties in case of divorce. Don’t sign anything you haven’t had a chance to read. You may be signing your rights away.
5. Discussing a Prenup Can Be Awkward
Nothing can take the winds of love out of your sails like discussing what happens if you decide to call it quits. It is critical that both parties are ready to discuss the topic if you want to avoid souring the relationship before it can begin.
6. Prenups Can Create a Sense of Distrust
Marriage is all about trust. Unfortunately, even mentioning a prenuptial agreement can suggest that this trust is missing from your relationship. Even if you are both ready to discuss finances and the possibility of divorce, disagreements on key topics can make you question whether you are a good match.
Not sure if a prenuptial agreement is right for you? Contact a prenuptial agreement attorney before you decide.
Deciding whether to create a prenuptial agreement can be a delicate task. Not sure whether you need one? Get in touch with me today so we can discuss your needs.