What on earth does a prenuptial agreement have to do with a couple’s engagement? There’s romance and laughter, caring and love. It’s the most romantic time in a couple’s life; “We’re Engaged!”. What a time of celebration and joy! But, as counselors have long advised, it is also the time to discuss the important things that make a marriage last. Some subjects may be hard to bring up, like expectations regarding children, sex, and money. Guess which of those is the hardest to discuss? Guess which one is the most likely to cause divorce? The answer is money! So, smart couples who could benefit from a prenup should definitely consider the possibility of getting one.
What exactly is a prenup?
A prenup is a ‘prenuptial’, or ‘before the wedding’ agreement between the marriage partners deciding how assets will be divided in case of divorce or separation. A prenup can include all kinds of decisions relevant to the couple, but the most common use is to protect each partner’s financial interest and clarify the couple’s priorities and responsibilities.
Should I get a Prenup?
Any couple with assets should absolutely consider a prenup. If one partner is coming into the marriage with a business or significant assets, it makes sense to assure each partner they will be taken care of fairly and it can reassure them that neither partner is intending to “take advantage”. One partner might have assets and the other might have a business that is ascending. Each one can protect themselves and provide for their partner.
Does a prenup mean no trust?
No, it does not. The trust is there; but mature adults are aware that issues can arise unexpectedly in a marriage. It is sensible to be aware of that and to be aware of others’ expectations. Sometimes a prenup is simply to reassure extended family members. As long as each partner’s wishes are respected, there is no violation of the bond of trust.
Prenuptial Cost
A simple, easily negotiated prenup costs around $2500 -$3500 but can cost more in complicated cases.
Prenuptial Pros and Cons
Pros
- Handle issues before they can grow to become marriage ending problems
- Lose the stress and worry about “making a mistake”
- Ease family concerns since they don’t know the partner the way you do
- Ensure each partner is completely protected and taken care of appropriately no matter what happens
Cons
- Hopefully, it was all for nothing and your marriage lasts forever
- You may find out things about your partner you didn’t want to know (but better now than later)
How long do prenups last?
Prenups last indefinitely or until stipulated in the document. Some couples apply a sunset clause wherein the agreement, or provisions in the agreement expire after a set time.
A prenup can smooth over difficult discussions about money and responsibilities for both partners. If one partner is without significant financial assets coming into the marriage, they can reassure their partner that money plays no part in their choice to marry. That is very romantic! If one partner has a business that they have put all their sweat and tears into, they will feel safe knowing their partner will never break it up if something goes wrong. That is very romantic! As someone wise once said, love is a verb and we show it by our actions. Taking care of each other and resolving our worries is the most romantic thing you can do. We are happy to help couples navigate this complicated path and as negotiators our skill set allows this to be a simple and conflict free process. Call us right away at 602-714-7447 and we are happy to discuss anything at all with you.