Every couple who’s ever decided to get married has had to deal with a slew of decisions: to have a Spring or Winter wedding, to elope or host a large reception, to serve red velvet or carrot cake, whether or not to invite that weird cousin once removed who will do a performance art piece in lieu of a gift. Those are all personal decisions unique to the couple themselves and can be decided upon for deeply private and personal reasons. No different, of course, is the decision of whether or not to have a prenuptial agreement.
A prenup is a written agreement a couple creates that dictates what would happen in the event of death or divorce. So how do you know if it’s right for you? Here are some of the pros and cons you should consider before saying “I do.”
- Additional examination and analysis of financial matters
- Preserves family ties and protects inheritance and 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
- Give the impression there is a lack of trust
- Not what most people consider a “romantic” gesture
- Can create resentment (from a partner who was served with it to the partner who requested it)
- Prenups can be nullified if all assets or financials aren’t properly disclosed
- Partner could choose not to sign, delaying the wedding
As many stigmas are being shed around weddings and marriage, this generation is shedding the one around prenups. Prenups have always been shrouded in confusion and judgment, but that is changing in the age of information. Although your performance artist cousin might have some choice words about your, ahem, choices, times are changing! That means that you and your partner get to have the marriage that you want – prenups and all.