Should We Get a Prenup?
Prenups are more common than you think. Should you get one? (community article)
When you hear the word 'prenup' you probably think of sports legends, musicians, and multi-million dollar executives trying to protect their assets. However, it's not uncommon these days for average couples to have a prenup before they tie the knot. It may not be romantic, but it is practical.
While the subject is a bit uncomfortable to bring up to your fiancé, it might be a conversation to have before you make your love a legally binding agreement. In the beginning of a relationship and marriage, no one can foretell what the future may bring, which is why taking precautions at the right time can protect the interests of both parties involved.
If you're thinking about pursuing the dreaded prenup discussion, keep in mind that an increasing number of people are signing prenuptial marriage agreements before they take that plunge. A prenup doesn’t only satisfy couples with unequal financial status or wealthy couples, but also allows couples to come clean and share all of their financial worth to one another.
What Exactly is a Prenup Agreement?
The Pros of a Prenup Agreement
While it's not the most romantic topic to speak on, a prenup certainly has its advantages. It does not mean that a couple fears divorce in the future – it's actually a smart business and personal move for both parties. Some couples simply get it over and sign a prenup agreement so they can move on without a financial cloud hanging over their relationship. Other advantages of a prenup include:
• Let’s face it – not all marriages are going to make it. A prenup avoids the bickering and courtroom drama associated with financial disputes.
• In the event of an untimely death, a prenup illustrates the wishes of a spouse on how they would like to distribute assets to children and other family members.
• The personal and business assets that were earned before your marriage are protected.
• The financial status of children from a previous marriage is often protected in a prenup.
• Family ties and inheritances are preserved with the signing of a prenup agreement.
The Cons of a Prenup Agreement
One of the most glaring complaints of a prenup is that they are quite unromantic. If you're getting ready to plan a long life with the one you love, the last thing you want to discuss is how you'll divide up assets and the property in the event of a divorce. Additionally, a prenup:
• Gives the appearance that couples do not trust one another.
• Sometimes creates resentment between spouses, and in some cases – their parents and in-laws.
• Gives the illusion that couples may lack a commitment to a lifetime of happiness
