In this blog post, we'll explore some of the key questions to ask yourself when deciding whether to get a prenup. By the end, you should have a better idea of what's best for you and your future spouse.
What to Consider When Deciding Whether to Get a Prenup
As you start planning for your big day, you may be wondering if a prenuptial agreement is right for you. After all, nearly half of all marriages in the United States end in divorce. However, there are many factors to consider before making this decision, such as the following:
- Research what a prenuptial agreement is and why some couples choose to get one. A prenuptial agreement is a legal contract entered into by two people before marriage that outlines what assets and debts each person will be responsible for during the marriage and in the event of a divorce. While some couples may feel that a prenuptial agreement is unromantic or signals potential problems ahead, this is not always the case. In reality, prenuptial agreements make perfect financial sense for planning ahead, protecting privacy, and safeguarding both parties from unforeseen issues that may arise due to the combining of finances. They also clarify expectations regarding division of estates, division of assets in the event of death, and can even outline provisions for spousal support should one party require it. Prenuptial agreements are becoming more commonplace for modern couples as a proactive move to protect their joint economic security.
- List the pros and cons of having a prenuptial agreement. Prenuptial agreements can be a wise and prudent decision for couples planning to get married, as they provide several benefits. One of the main advantages to having a prenuptial agreement is the protection it provides in terms of assets. Spouses can set rules that detail what property each individual enters the marriage with, such as cash accounts, real estate, or even loans owed. It also allows both parties to designate who will pay any debt accrued during the marriage, which can help the couple avoid complicated family court proceedings if divorce becomes necessary. On the other hand, a prenuptial agreement may create an uncomfortable atmosphere prior to a wedding by forcing the couple to engage in honest discussions regarding finances (which can sometimes invite undesired stress and arguments.) In addition, prenups cannot usually stand up in court if certain criteria is not met or if either party has been coerced into signing it. An awareness of these pros and cons should help couples make wise decisions about whether a prenuptial agreement is right for them.
Ultimately, for couples who are considering a prenuptial agreement, the decision comes down to how comfortable the couple is with taking a financial safety net into their marriage. It's important to remember that a prenup is not necessarily a bad thing. It can protect both people in the event of an untimely dissolution of the marriage. Having an open and honest discussion early on is key. Talk through what you and your future spouse’s expectations are financially and emotionally since this will help significantly if you decide to get a prenuptial agreement.
Above all else, agreeing to a prenup should be considered as an important part of taking care of each other, rather than a document designed to limit anyone's ability to get what they deserve. At the end of the day, the decision is personal and should be made with care.
For more information about prenuptial agreements in California, or to speak to our experienced prenup lawyers in Fresno, give Arnold Law Group, APC a call at (559) 900-1263 or contact us online today to schedule a confidential consultation.