Think you don’t need a prenup? Think again. Prenups aren’t just for the wealthy. They can protect those with less money, outline responsibilities during your marriage, safeguard future assets, and even provide for your children and pets. Yes, even if you’re young, just starting your career, or have beloved furry family members, a prenup has valuable benefits. While there are a few downsides, the modern approach to prenups makes them easier and more affordable than ever.

Pros of a prenup

Let’s dive into all of the advantages of getting a prenup, from protecting the less wealthy person to protecting your children to the affordability of a prenup nowadays; there are so many reasons getting a prenup is a good thing:

• Protecting the Less-Earning Partner: Contrary to popular belief, prenups can help the person with less income. They can ensure fair support (alimony/spousal support), asset division, or even access to the marital home if a divorce occurs. For example, prenups can be very beneficial for stay-at-home parents by ensuring they are financially protected in any scenario.

• Planning for Your Married Life: Prenups aren’t just for divorce. They are actually a financial planning tool that can outline obligations during marriage, too. Want a joint bank account? How will you file taxes–jointly or separately? Stipulate the details in your prenup for the terms you want to lay out for your marriage.

• Protect Future Assets: Even if you’re young and don’t have many assets now, a prenup protects what you’ll build later – income, inheritances, retirement savings, etc. So, yes, a prenup is still helpful if you don’t have any money yet. For example, let’s say you have $5,000 and some debt when you get married. But eventually, you develop a successful sales rep career and one day start earning $500,000/year. You can ensure that future income is protected, even though it doesn’t exist yet.

• Protecting Your Children: If you have children from a previous relationship, a prenup helps secure their financial future. Without one, your assets could be split in a divorce, potentially reducing what you can provide for them. Prenups protect their inheritance. For instance, let’s say John lives in California and is on his second marriage (without a prenup). He builds a business and sells it for $1 million during the second marriage. Eventually, he gets divorced, and that $1 million is now subject to a 50% divide (he has to give $500k to his ex-spouse). That is $500k that could have gone to his children in a future inheritance or gift, but now is his ex-spouse’s property. Yikes!

• Caring for Your Pets: Furry companions deserve consideration! A prenup can outline who keeps the pet if you split, preventing legal battles over the ownership and cost of your four-legged friends. You can also include visitation schedules and other details like who is responsible for what payments (vet, food, treats, etc.).

• Strengthening Your Relationship: The process of creating a prenup forces open communication about finances, goals, and tough subjects. In addition, it requires financial transparency through the process of financial disclosure. This builds trust and alignment for a stronger marriage.

• Reduces Conflict: Prenups set expectations for your marriage, for a potential divorce, and even potentially in death. You can predetermine many different issues with a prenup, such as how marital expenses will be paid during the marriage and who gets what in a divorce. Deciding these things before entering a marriage can reduce conflict both during the marriage and on the off chance that it ends.

• Affordability: No, prenups aren’t that expensive anymore. Platforms like HelloPrenup make prenups affordable ($599 per couple, plus attorney services at flat, discounted rates).

• Accessibility: Prenups are now easier to get than ever! With HelloPrenup, you can complete your prenup from the comfort of your home, saving time and hassle compared to traditional lawyer-drafted agreements. You can do everything from drafting the prenup to getting it notarized–all from home.

Cons of a prenup

With everything good in life, there are always some downsides to consider. Let’s turn to the disadvantages of getting a prenup (warning: there aren’t many):

• Tough Conversations: Creating a prenup means discussing sensitive topics like finances, potential divorce, and even death. In addition, the financial disclosure aspect of a prenup requires sharing all of your income, assets, and debt with your partner.  This can be uncomfortable, but the increased understanding and alignment it brings can be worth it.

• Legal Risks: If a prenup isn’t drafted correctly or includes unfair terms, a court could later throw it out. This means getting your prenup done legitimately and following all the necessary state laws. For example, in virtually all states, failing to properly disclose finances can lead to the prenup being tossed out. Make sure you utilize a legitimate legal resource to get your prenup done right.

• Cost Factor: Traditional lawyer-drafted prenups can be expensive (the average cost is $8,000 per couple), particularly if you have complicated assets or financial circumstances. The good news? Platforms like HelloPrenup offer more affordable options.

• No Child Matters: Prenups cannot stipulate for child matters, such as child support or child custody. That means you cannot agree to how much child support someone will pay in a prenup or how child custody will work. This is not enforceable. You’ll need to figure that out at the time of divorce.

Do prenups help or hurt marriages? 

The truth is, talking about a prenuptial agreement could be one of the most important conversations you have before walking down the aisle. And, (shocker), we think they HELP your marriage, not hurt it. But before you go rolling your eyes, hear us out!

Wiping out that old Hollywood prenup stigma 

For years, prenups were seen as a sign that someone was expecting the marriage to fail. Think of all those movies where a wealthy character forces a fiancé to sign one, setting the stage for drama. But that view is outdated and unfair. In fact, there is data to prove it. 47% of millennial married couples have a prenup! That’s about 33.95 million people in the U.S. that have prenups! (There are 77.24 million millennials).

Prenups = Proactive Planning (and that’s romantic)

Modern couples see things differently (we’re looking at you Gen Z and Millennials). A prenup is like car insurance: you hope you won’t need it, but having financial protection just in case is a smart move. Life throws curveballs: businesses fail, inheritances arrive, and people change. A prenup isn’t about pessimism but protecting both partners, no matter what. And guess what is super romantic? Protecting your partner.

How Prenups Actually Help Marriages:

• Forced Communication: Creating a prenup makes you talk about tough stuff – money, debt, future goals. This builds a foundation of trust and understanding. In addition, it forces transparency on finances. You are required to share your income, assets, and debt with your future spouse.
• Fairness Reduces Conflict: Divorces can get ugly, especially when money is involved. A prenup provides a clear roadmap if things don’t work out, preventing future battles. This can save you time and money in the future on legal fees and time spent in a courtroom.
• Peace of Mind: Knowing your assets and loved ones are protected (yes, prenups can protect your kids and even pets!) can reduce anxiety for both of you. For example, if this is both of your second marriages, and you both have kids from previous relationships, you can reassure one another that all assets will remain separate in order to be passed on to the children respectively. Peace. Of. Mind.
• It’s Romantic: Yes, it is. Hear us out. By protecting your partner’s future financial well-being, you are showing that you care…YOU WANT THEM TO BE PROTECTED EVEN IF YOU DIVORCE! Or die! That’s romance!! Another way of looking at it is getting a prenup brings you closer together in that you have to fully communicate certain aspects of your lives together and you come out knowing each other better than ever before…again… ROMANTIC!

Takeaway: Prenups get a bad rep from old stigmas; they are actually hella romantic, and they help marriages. Sure, it might feel uncomfortable to bring up, but they demonstrate commitment to each other’s well-being, a key part of a strong marriage. If you care enough to say “I do,” don’t you want to make sure you’re both protected come what may?

Who benefits the most from a prenup? 

Spoiler alert: BOTH partners should benefit from a prenup. It should NOT be one-sided. In fact, if prenups are egregiously one-sided, they can be thrown out for being unconscionable. No, a prenup doesn’t have to be 50/50, but you both should walk away from the prenup feeling comfortable and protected in one way or another.

For example, let’s say John has $2 million in assets, and his future wife, Susan, has nothing. You might be thinking, “Oh, this prenup is definitely only going to benefit John.” That’s where you’re wrong. John and Susan can get a prenup that says John will protect the majority of his assets ($1.8 million) while also providing Susan with a reasonable out should they ever split, such as a lump sum clause of $200k (and incrementally increasing the longer they’re married) or some type of limited alimony. Without a prenup, John may have lost out on more money or Susan may have gotten nothing. It all depends on the state laws and situation, but getting a prenup allows both people to set expectations, create boundaries, and feel comfortable with any future scenario.

You are writing your life story. Get on the same page with a prenup. For love that lasts a lifetime, preparation is key. Safeguard your shared tomorrows, starting today.

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Nicole Sheehey

Nicole Sheehey is the Head of Legal Content at HelloPrenup, and an Illinois licensed attorney. She has a wealth of knowledge and experience when it comes to prenuptial agreements. Nicole has Juris Doctor from John Marshall Law School. She has a deep understanding of the legal and financial implications of prenuptial agreements, and enjoys writing and collaborating with other attorneys on the nuances of the law. Nicole is passionate about helping couples locate the information they need when it comes to prenuptial agreements. You can reach Nicole here: Nicole@Helloprenup.com

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