More and more couples are signing prenuptial marriage agreements before they marry. These are not just couples dealing with financial inequality, or couples who have a lot of wealth. These are couples who want to put all their financial cards on the table before they walk down the aisle.
A prenuptial marriage agreement is a signed and notarized contract that spells out how a couple will handle the financial aspects of their marriage. Although not very romantic, having this honest financial discussion prior to a wedding ceremony can be a very positive experience.
Pros of Prenuptial Agreements:
Having a prenuptial marriage agreement does not mean that a couple is anticipating divorce.
Financial matters need to be faced.
Prenuptial agreements can preserve family ties and inheritance.
If your future spouse won't sign a prenuptial marriage agreement, it may be best to discover this before the wedding.
The financial well-being of children from a previous marriage can be protected.
Personal and business assets accumulated before your marriage are protected.
A prenup puts financial expectations out on the table before your wedding.
A prenuptial marriage agreement spells out which assets a spouse may want to give to children or other family members in the event of death.
In the event of a divorce, a prenuptial agreement eliminates battles over assets and finances.
Cons of Prenuptial Agreements:
Prenuptial marriage agreements can be set aside for failure to disclose all assets, or if there is evidence of fraud, duress, unfairness, or lack of representation at the time of signing the agreement.
They are unromantic.
Prenups can give the appearance that there is a lack of trust between the partners.
A prenuptial agreement could create resentment between spouses.
A prenuptial marriage agreement makes it seem like there is a lack of a life-time commitment to one another.