Writing up your prenuptial agreement, Heart-shape card on weathered wood background with text Prenup on each piece of the card
Marriage is a huge step that involves so much more than just joining your lives. You’re also taking on one another’s financial health, job prospects, assets, and so much more.
Because of the risk involved, as well as high divorce rates, some couples choose to sign a prenuptial agreement. Lawyers are reporting a huge increase in prenuptials, especially among younger couples.
But should you agree to one? Before making up your mind, make sure to check out our guide to prenup agreement pros and cons.
Reasons for a Prenup
A partner asking for a prenup can seem like there’s a lack of trust in the relationship, or like they’re planning on splitting from the relationship at some point. However, there’s more to it than that.
There are even some pretty good reasons to sign a prenup that benefits both parties.
Protection
You’ve likely heard of your favorite stories requiring prenups. Kanye West’s hit song “Gold Digger” even directly references prenups, furthering the idea that they’rere a great way to protect one’s financial security.
And to be fair, there’s truth to that. By signing a prenup, both parties can dictate how their finances will or won’t be shared, both in marriage and in the event of a divorce.
Debt
The average household in the United States has an estimated $137,063 in debt.
Remember, when you marry someone, their debt becomes your debt. But a prenup can help clarify who exactly is responsible for what portion of the couple’s debts and how that debt will be paid.
This can make a couple’s life far easier, especially when it comes to major purchases like vehicles or homes.
Divorce Simplification
Everyone wants a happily-ever-after. But the fact of the matter is, almost half of all marriages still end in divorce.
If you don’t have a prenup, you’re left with two options in case of a divorce.
First, you can hire a mediator to divide your assets fairly. This is an easy, quick, and affordable process.
Of course, things aren’t always that cut and dry. If you’re in the midst of a messy divorce, you’ll have to pay lawyers to hash things out and decide who gets what. This option is as heart-wrenching and expensive as it sounds.
However, a prenup clearly defines each party’s assets ahead of time, expediting the divorce process and making it a lot less painful for everyone.
Why You Should Think Twice Before Signing
As helpful as they are, prenups aren’t without their drawbacks.
Namely, a request for a prenup can indicate a distinct lack of trust. It can also lead to tension and frustration among partners, especially if one person feels that assets aren’t divided fairly.
Most experts agree that if your partner hands you a prenuptial agreement form, it’s a good idea to seek legal (and couples, for that matter) counseling.
Prenup Agreement Pros and Cons: Everything You Need to Know
At the end of the day, how the prenup agreement pros and cons balance out will depend on the couple.
Do you have a strong level of trust? Are you both struggling with debt? A prenup may not be a bad idea.
But if you’re the least bit skeptical about the idea, well, you may want to reconsider things.
For more help on life’s toughest moments, make sure to check back with our blog.
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