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The Pros & Cons of Prenuptial Agreements

The Pros & Cons of Prenuptial Agreements

Not that long ago, there was a shared societal mentality that men should handle the overall family finances, while women cared for household chores like raising the children, cooking, and tending to the home. This unrealistic mentality no longer conforms to modern-day couples. Just as all history eventually runs its course, so do dated marital traditions. In today's time, some couples decide to split the bills down the middle or allocate them out in some other appropriate fashion. For couples who can't agree on merging their finances, it's best to have a dialogue about the financial concern that would spark the thought of a prenuptial agreement (prenup).

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Prenuptial Agreements

A prenup is a premarital contract used to settle financial matters in the event a marriage ends in divorce or death. Many may think that wealth is a prerequisite to a prenup because it is often discussed when referring to famous couples, but it can assume a role for much more than that. A prenup can be a helpful tool when defining financial roles and responsibilities during a marriage or protecting one spouse from another's debts. It can sort out many in-depth details related to both assets and debts acquired throughout a marriage & should not be thought of as planning a divorce before you're married. A carefully crafted prenup can cement your relationship by building trust between partners. It can even possibly force partners to communicate about their financial goals and general attitudes about money.

Many couples are uncomfortable addressing prenups out of fear that they will harm their relationship or offend their future spouse. Feeling offended may be your initial emotion, but you have to take the time to figure out what the prenup entails to decide whether it's fair. Try to recognize that a prenup isn't a sign of trouble to come. The person who introduces the topic should make it clear that it's only a discussion. It's only created as a precaution and they strongly hope the issue will never come up. Taking a prenup personally can quickly lead to resentment, which is no way to start your marriage.

Couple talking

A prenup can range anywhere from $1,200 to $10,000. A simple agreement can usually be drafted for around $2,500, but more complicated matters will typically cause the price to increase. Some legitimate factors that may require a prenup are whether one or both parties has already been married or have children. One partner may be wealthier than the other or have more debt. An inheritance to protect can also be something to consider when drafting a prenup. Countless matters can be written into a prenup, right down to being a stay-at-home parent. A stay-at-home parent is relinquishing work or career advancement to raise a child, which comprises them in the workplace should the marriage fail later. A prenup can also provide security that this spouse is treated fairly when finances and properties are divided. Remember the goal is not to have the same views but to come to a place of understanding. There are plenty of couples who've gone through this process and remained married for the long haul. Whatever your choice, set goals together and budget as a couple. Goals can be reached more quickly when you both have the same intentions in mind.

By: Jowanna's Corner

Getting Grown, LLC

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