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 pros of a prenup, from protecting the less wealthy person to the ease of getting a prenup nowadays, there are so many benefits:
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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.
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Planning for Your Married Life: Prenups aren’t just for divorce. They 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.
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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.
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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.
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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.).
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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.
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Affordability: No, prenups aren’t that expensive anymore. Platforms like HelloPrenup make prenups affordable ($599 per couple, plus attorney services at flat, discounted rates).
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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.
Takeaway: Prenups are affordable, accessible, protect your money, kids, pets, and future. Plus, they can help make your relationship mean more by protecting each other.
Cons of a prenup
Now, let’s turn to the disadvantages of getting a prenup (warning: there aren’t many):
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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.
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Legal Risks: If a prenup isn’t drafted correctly or includes unfair terms, a court could later throw it out. This means it’s important to get your prenup done legitimately and follow all the necessary state laws.
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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.
Takeaway: Prenups can be tough to discuss with your partner due to the sensitive topics and financial issues, prenups can be thrown out if not done correctly, they can be expensive, and they do not cover child aspects.
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, spoiler alert, we think they HELP your marriage, not hurt it.
The Old Stigma: Prenups = No Trust
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).
The New Reality: Prenups = Proactive Planning
Modern couples see things differently. Just like you get car insurance hoping you won’t crash, a prenup is about being prepared. Life throws curveballs: businesses fail, inheritances arrive, people change. A prenup isn’t about pessimism; it’s about 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 cover kids and even pets!) can reduce anxiety for both of you.
- It’s Romantic: Yes, it is and hear us out. By protecting your partner’s future financial well-being, you are showing that you care…that’s romance!!
Takeaway: Prenups might feel awkward 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?
The bottom line: Prenups are for everyone
Forget what you thought you knew about prenups. They’re not just for the rich and famous; they offer valuable protection and peace of mind for any couple. From safeguarding your future to caring for your pets, prenups help you build a strong foundation, regardless of your current financial situation. While the process might involve a few tough conversations, modern platforms make creating a prenup easier and more affordable than ever. If you care about your future, your loved ones, and building a strong, equitable marriage, a prenup might be the smartest decision you’ll make. Co-create your future & protect your ass(ets) with a prenup today!
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: [email protected]
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