Should You Get a Prenup?

Should You Get a Prenup?

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.