Should Couples Get a Prenup? We asked the experts

I will never forget the first time I heard the word “prenup”. I was 12 years old and the song “Gold Digger” was on the radio. I asked my mom what it meant, and she explained that it was an agreement between husband and wife to protect each other’s money in the event of a divorce. I remember thinking of that as a beautiful thought and, because before I was a teenager, I thought that I would be rich and famous, and that my future husband and I would have a prenup. .

I have stuck to this decision for many years, especially after seeing my parents divorce. But I have also learned that not everyone, including my friends who are married, share my views. Of course, a recent survey by LegalShield found that 62% of people did not find it necessary to have a pre-nuptial agreement in place. While I still believe it’s the right answer for me, I’d be lying if I said other people’s fears haven’t made me think “Do I really have to get a prenup?”

If you are asking yourself the same question, it may be time for professional advice. Here’s everything you need to know about the benefits, drawbacks and details of contracts before you decide whether or not to sign on the dotted line.

What is a prenup?

Depending on Jamie Bergerco-founder of the divorce and family law firm Jacobs Berger, prenup creates a plan for the division of marital assets and protects each person’s assets such as inherited family assets, businesses, properties, and investments .

They can save more than just money, though. Prenup manager and financial planner Kaylin Dillon Have seen couples use them to set up a plan for protection against existing or future debts and rights to children, pets, time, or cars.

“Regardless of the reason, having a prenuptial agreement allows the couple to agree on certain issues in the event of a divorce, which allows for certainty that otherwise would not exist. without first,” says Berger.

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It can help improve communication

It’s hard to imagine that planning for a divorce can improve your relationship, but discussing the matter before marriage can set you up for success. “Although those conversations are not easy, they can be really useful because it means that couples are talking about difficult things in time,” says Berger. “Walking down that path is the easy part. It’s a marriage that takes work, trust, and communication, and building trust and communication early helps get the relationship off on the right foot.” .” Financial planner and divorce financial analyst Peter Locke agrees, saying that having an open and honest discussion about money and expectations before marriage can help create a strong and healthy relationship.

It can help avoid a difficult divorce

You know the saying “If you fail to plan, you plan to fail”? Well, the same can be true for singles and divorces. If a marriage breaks down, a prenuptial agreement can help make things easier by deciding who owns what and how property should be divided. According to a family law attorney Jason Alman, divorce can help avoid a long and expensive divorce. “Instead of preparing for a lawsuit during your heartbreak, a prenup can reduce the potential for disputes and conflicts by clearly defining the issue of property division and spousal support, ultimately promoting the separation of good,” he says. Why leave it to the judge when you can find a solution ahead of time?

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It can create distrust in the relationship

While it can be financially beneficial to have a prenuptial agreement, it can also have a negative emotional impact on the relationship. Talking about the possibility of divorce can bring doubt and make people question the reality of their relationship. “Many people view divorce as planning for divorce rather than planning for a happy marriage,” says Alman, leading to the wrong perception of their relationship during marriage. the body works together for their wedding.

It’s not cheap

Just like weddings and divorces, prenups require time and money. Alman shares that depending on the complexity of the deal, they can cost anywhere from $1,000 to over $50,000. There are free prenup templates available online, but Alman recommends that couples “invest in professionally drafted and reviewed prenuptial agreements to ensure they are valid and avoid legal battles.” very expensive in the future.” For this reason, some people choose to sign a promissory note if they have a lot of assets to protect.

The decision

I hate to say it, but there is no right or wrong answer when it comes to getting a prenup. Like finding a partner and saying “I do” to a plan, only you will know what is right for you and your relationship. The best thing you can do is educate yourself on the pros and cons (in true Rory Gilmore fashion), review your financial goals both individually and as a couple, and maintain communication on You are not secretive with your partner. After all, this won’t be the last big decision you make together.

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