Marriage is more than a partnership between two people that are in love-
it is a financial and legal standing that can have a large impact on a
couple. A prenuptial agreement is a contract a couple will enter into
before marriage in order to lay out agreements and terms.
Perks of Having a Prenup
Sometimes a prenuptial agreement can be a really good thing for a couple
to have before getting married.
Some of the ways a prenuptial agreement can help is:
Financial concerns are out in the open before the marriage begins
Separate property is clearly defined in predetermined ways
Family heirlooms can be protected
Business and investments of one party can stay in their control
Protect one partner against the other's debt
Ensuring the protection of children from a previous marriage
With these out on the table, should a couple get divorced, major financial
and personal concerns have already been addressed, making the divorce
proceedings a little easier.
Cons of a Prenuptial Agreement
If prenuptial agreements did not have some downsides, it would go without
saying that every couple would enter into one before a marriage. Some
feel that there is an emotional reason not to get a prenuptial agreement,
since it puts a shred of doubt when the wedding should be about joy.
A prenuptial agreement can be coerced, causing problems in the future event
of a divorce, or not take into account what may happen in a marriage that
can entitle one spouse to a larger portion of the marital property than
they would get in the agreement. This can cause increased financial concerns
should the partners divorce.
A prenuptial agreement is a personal decision that varies with the needs
of the couple. Regardless, any marriage needs to have open and honest
communication about finances to avoid serious problems.