Getting married is an exciting experience for many couples. While being in love and taking things to the next level is a good thing, it’s also important to consider the financial and legal implications of this union.
Getting married with a prenuptial agreement is something to consider for a number of reasons. Here are a few pros and cons of prenuptial agreements, which are likely to help you get a better idea of what this agreement entails:
It protects your separate property. By getting a prenup, you are able to protect any property you own prior to getting married. You aren’t liable to split the property in the event of a divorce.
It supports your estate plan.
It reduces conflict and saves you money if you divorce. With a proper plan, you are able to avoid conflict, since everything is legally binding.
It defines what property is considered. The contract states clearly which properties are considered in the event of a divorce.
It establishes procedures and ground rules of your relationship. You and your partner have a clear idea of your financial standing and situation should things not quite work out as planned.
It protects your financial stability.
It may provide you with the opportunity to get spousal support. Prenuptial contracts can be designed according to individual needs.
What are the cons?
It’s not romantic. Discussing a prenuptial agreement isn’t always fun. It’s going to be a tough conversation no matter how you look at it.
The timing may be off and it can be stressful. There is never a right time to discuss this arrangement and can become awkward and quite stressful.
It may create burdens if circumstances change.
It may necessitate a change in lifestyle.
It’s subject to a judge’s opinion. A judges’ opinion is required before the prenup can be regarded as valid.