Prenuptial agreements have become a hot topic in the wedding industry and have gained lots of proponents and detractors over the years. Some couples are adamant that they’ll get a prenup before their wedding, while others argue that doing so would cast a doubt on their love and relationship. Still others are on the fence and don’t know if they’d sign this document or not.
Fortunately, if you and your sweetheart belong to the third group, there are several things you can do to make the right decision. One of these is to get more information about prenuptial agreements. By taking this step, you’ll gain a deeper understanding about its pros and cons and ultimately decide if it’s the right choice for you. Ready to begin? Here are some tips to help you get started:
List of Pros of Prenuptial Agreement
1. Helps you prepare for your financial future
Talking about prenups forces you and your partner to lay your financial cards on the table and have a long discussion about money matters. As a result, you’ll get to know each other’s opinions on money management and find out which ideas you share and which of your opinions clash. You’ll also learn about each other’s financial strengths and weaknesses and figure out how you can use these to improve your situation and build a brighter future together.
2. Help strengthen your relationship
As mentioned above, getting a prenup requires you and your sweetheart to openly talk about your individual financial situations and discuss what you’d like to happen in the future. This might seem difficult at first glance, but it’s actually beneficial since it promotes good communication between you and your partner and eliminates or at least reduces any money misunderstandings. These, in turn, helps improve the quality of your relationship and makes you even more ready for marriage.
3. Makes divorce easier
It can be heartbreaking, but the reality is that not all couples last forever and that many marriages end up in divorce. If this would happen to you and your partner, you can at least soften the blow by having a prenuptial agreement. Through this document, you can minimize conflicts between the two parties, save substantial money on lawyers’ fees and reduce the emotional trauma your children will face.
List of Cons of Prenuptial Agreement
1. Can make you doubt your relationship
Many people believe that marriage is about couples sharing almost everything, including finances. If you feel the same way, you might be alarmed if your partner asks for a prenup and think that your love and commitment isn’t enough for him or her. The same thing can go the other way around: if you want to have a prenup, your sweetheart might resent it and feel like you’re questioning his or her loyalty to you.
2. Can become obsolete over time
Your financial situation evolves over time; you and your sweetheart can lose or accumulate wealth and assets, and your views on what constitutes marital and non-marital properties can change. So, unless you regularly update your prenuptial agreement, you might find that it’s no longer applicable to your current situation if you’ll need to use it for divorce. This can make the dissolution of your marriage even more complicated.