Couples are often faced with the difficult question of whether or not they should have a prenuptial agreement before getting married. While prenups may not always be a bad idea, they are not always necessary. There may be couples that possess significant financial assets on either side, in which case a prenup may be a good idea. In the event of a divorce, one party could incur heavy losses by losing out to another party on what was initially theirs. Everyone’s circumstance is different, and one must consider some of these critical factors necessitating whether or not to go for a prenup.
One must consider a host of reasons-
- One partner’s burden with alimony and child support from a previous marriage
- The duration of such financial obligations
- The legal obligations attached
- If commitments are not taken care of on time, one’s credit score takes a hit
- The financial leftover after dishing out mandatory expenses
- Whether it is enough to support the joint income of the married couple
Merits of a Prenuptial Agreement
Prenuptial agreements come at a price. The price paid to get a prenuptial agreement written up by a lawyer is much less than what a couple would spend in the event of a divorce. There are attorneys available who can write up a prenup agreement for a flat fee while considering myriad aspects of the marriage and divorce. Attorneys weigh in debts and assets of both parties, how these would impact the lives of couples in the event of a divorce, and how a prenup would help circumvent many unwanted and unforeseeable problems. An attorney can walk you through the entire process. Because of this, more and more couples are opting for prenups before they get married. Liabilities (debts & alimonies) and assets apportioned beforehand can spare stress and agony in the event of a divorce.
Demerits of a Prenuptial Agreement
Prenups lack the value of the very word ‘marriage,’ which stands for trust and commitment. Prenups come across as mechanical and can undervalue your relationship with your spouse. Marriages are built on trust and the promise of fidelity through difficult phases of life. The essence of a good marriage involves connectedness and sharing at every level. Educating your future spouse about openness and generosity without a prenup is another way towards happiness and prosperity.