For a long time, prenuptial agreements got a bad rap in marriage publications. However, recently, the public perception of prenups has shifted. Today, millennials are more likely to get prenups than previous generations by a significant amount.
A prenup can help you protect yourself in the event of a divorce and make your marriage more equitable. Today, we'll be looking at some of the factors that may impact whether you get a prenup for your marriage.
What Can a Prenup Do?
A prenup enables you to establish provisions for what happens to your property if you file for a divorce and set parameters for how to handle property throughout your marriage.
For example, many couples join their bank accounts when they get married. As a result, their income (and their debts) become marital property, which means it gets divided equitably among the parties in the event of a divorce.
However, you can use a prenup to specify that your assets and liabilities remain separate post-marriage.
You can also use a prenup to protect your partner from the financial decisions you make. For example, you can specify in your prenup that any liabilities you accrue due to investments you make (or debts you bring with you into the marriage) remain yours and yours alone. That prevents your partner from taking the fall for some of those liabilities if you end up getting divorced or separated.
In this way, many married couples find that getting a prenup actually makes their relationship stronger. Getting a prenup enables you to discuss important topics with your soon-to-be-spouse, like how you want to handle your assets and liabilities, that you may otherwise be tempted to put off.
However, a prenup cannot fully dictate what happens should you file for divorce. For example, you can't make specifications for the child custody process in your prenup.
Should I Get a Prenup?
Generally, the answer is "yes." As long as you hire legal counsel you trust to represent your best interests during the drafting phase, getting a prenup is a low-risk, high-reward investment.