Every couple that’s ever gotten married has had to make a couple of crucial decisions: when to get married, how many people to invite, to have a white cake or red velvet cake, and whether or not you’re going to invite your weird uncle who picks fights with everyone after one too many drinks. Those are all personal decisions unique to each couple. No different, of course, is the decision of whether or not to sign a prenuptial agreement.
If you’re not entirely familiar with prenups, let us educate you! A prenuptial agreement is a legally binding agreement between spouses that dictates what would happen in the event of death or divorce. It’s not exactly the most romantic decision a couple can make. But with its growing popularity, more and more couples are choosing to reinforce their union with the support of a prenup.
So, whether you want to preserve a family heirloom or protect each other from previous debt, how do you know if a prenup is right for you and your spouse-to-be? Below are the most common pros and cons of prenuptial agreements.
- Additional examination and analysis of financial manners
- Preserves family ties and protects inheritance as well as lineage
- Children from previous marriages are protected financially
- Personal and business assets accrued before marriage are protected
- Airs out all the “skeletons in the closet” and puts everything on the table
- Eliminates the battles over finances in the event of divorce
- Can set the precedent of “planning for divorce”
- Can cause serious friction between partners
- Gives the impression that there’s a lack of trust
- Many people don’t consider it a romantic gesture
- Can create resentment on behalf of the partner who was served with it
- Prenups can be nullified if all assets or financials aren’t properly disclosed
- Partner could choose not to sign, delaying the wedding
Modern and millennial couples are causing a huge spike in the number of prenuptial agreements in recent years – and for a plethora of reasons. Whether or not those reasons apply to your relationship is completely up to you and your partner. Inviting your weird uncle to the wedding is a much easier decision compared to signing a prenup (well, actually we don’t know your family). But when you openly discuss your options with your partner, it will help you establish a harmonious ground for your marriage.