Getting married is an exciting and beautiful time in one’s life. The last thing you are probably thinking about when you pop the question is your finances, but the truth is it’s always a great idea to stay prepared for the worst-case scenario. Prenups, or prenuptial agreements, can be a nice option for people that are looking to clarify their financial situation from a legal standpoint before they get married. Talking about a prenuptial agreement with your soon to be spouse might not be the most romantic conversation, but it can be a smart way to avoid serious issues in the future if things happen to not work out. Below, we are going to walk you through some of the pros and cons of a prenuptial agreement so that you understand the facts. If you are interested in creating a prenuptial agreement or would like legal advice about marriage and divorce, reach out to The Johnson Law Firm and Associates today.
The Pros of a Prenuptial Agreement
There are quite a few benefits to asking your spouse for a prenuptial agreement. First, you can protect yourself from the debts of your future spouse by laying it out in the prenuptial agreement. Divorce is already a lot to handle, but imagine what it would be like if you are required to pay off your spouse’s debts after the marriage is over. Another big benefit of a prenuptial agreement is that you are able to protect your personal financial interests as you get older. That means you can control who has access to your wealth if you pass away or get divorced instead of leaving things up to the court.
You also can take steps that will provide a threshold on the amount of spousal support you end up paying in the event of a divorce. If you have a successful business, you might want to explore a prenuptial agreement so that your company remains unaffected if you ever get a divorce. It’s not too expensive to get a prenuptial agreement drawn up, so make sure you explore this option if you want to ensure financial transparency with your future spouse.
The Cons of a Prenuptial Agreement
Sure, there are plenty of great reasons why you might want to explore getting a prenuptial agreement. However, there are some downsides that you should know about as well. Asking your spouse for a prenuptial agreement can be viewed as a lack of trust. This can affect your relationship in a big way and lead to future issues with your spouse. They might even want to call off the marriage after receiving the news that you want a prenuptial agreement. You also might have to give up your right to inherit your spouse’s estate in the event of their death, which can be a tough pill to swallow. Prenuptial agreements are not perfect, so keep in mind that you probably won’t be able to account for everything in the agreement.