No one likes to think about a potential divorce when you’re planning your wedding. However, statistics show that more than 50 percent of all marriages in the U.S. end in divorce. Many divorces can be messy and extremely expensive for both parties, especially if children are involved. Considering the odds are against you, it stands to reason that a preplanned prenuptial agreement can potentially save a troubled marriage.
According to the experts at The Law Office of Laura Gillis, a Phoenix prenuptial agreement lawyer, a prenup is a legal contract that an engaged couple signs prior to getting married. The contract is meant to outline the eventual distribution of liabilities and assets in the case of a legal separation or a divorce. It will also spell out the responsibilities and rights of each spouse during the marriage. Prenuptial agreements are said to be becoming more popular in the 2020s, especially among persons who have been married and divorced previously.
That said, approaching your potential partner with making plans for a prenuptial agreement might not be the easiest task in the world since it automatically assumes there will come a time when the marriage fails. But this fete-a-complete need not occur if you approach your partner with the right attitude and the right messaging.
According to a recent article by Marriage.com, prenuptial agreements are on the rise. Due to new family and financial dynamics for lots of millennial couples, it’s said to make good sense for a prenuptial agreement to be in place prior to saying “I do.” Societal and economic shifts are also adding to the rise in prenuptial agreements.
Millennials are marrying later than previous generations, which means they have many more years to earn more assets and take on more debt. The role women play as household earners has also changed. Almost 50 percent of all women are counted on to earn half a couple’s income when compared to one-third of that of their parent’s generation.
Also, due to the high divorce rate, a large number of millennials were raised by single parents. This means they are keener on the practicality of the responsible management of potential financial risks in case of divorce, which, unfortunately, is highly likely. That said, here are some tips on approaching your potential life partner with plans for a prenup.
Don’t Avoid the Matter
In other words, don’t wait or procrastinate when it comes to discussing a prenuptial agreement. Mixing trust and love with finances and a future that is unpredictable at best can be an emotional quagmire to make sense of. If simply contemplating the subject upsets one or both partners, it might be a good idea to set the subject aside for a bit. But now that the idea of a prenup has been brought up, there’s a good chance you can revisit the topic with less emotion attached to it.
Make certain to stress that the point of a prenuptial agreement is to secure and protect the marriage from unforeseen emotional and financial risks for both you and any future children you will share custody of.
Discuss Prenup Sooner than Later
Says Marriage.com, you should consider discussing the topic of a prenup prior to getting engaged. This will allow for ample time to engage in further discussion as required so that your fiancé does not feel rushed into an agreement she or he does not entirely understand or is comfortable with.
Fully Explain Your Reasoning
In other words, you should assist your partner with trying to fully understand the idea and the overall importance of a prenup. You should have a prepared list of reasons at hand to help you explain why you believe signing a prenuptial agreement is best for both parties.
For instance, you might explain that a prenup will help you act responsibly in the short term for the protection of you, your spouse, and your children in the long term from the financial and emotional trauma that can come with drawn-out divorce proceedings.
Seek Legal Advice
If your financial situation is relatively simple, it’s likely you can use one of the many Do it Yourself (DIY) prenuptial agreements that are presently available online. However, keep in mind that some of these prenups might not hold up in a court of law down the road.
But if your financial situation is more complicated, such as owning your own business or having significant family money that will be coming your way one day, you need to seek out the advice of a prenup lawyer.
You should ask them the following questions:
- Do we really require a prenup when you take into consideration current finances and plans for the future?
- What does a prenup include? Will it cover such things as infidelity by one or both partners or even disparaging social media postings?
- How much can we expect to pay for a written prenup prepared by a certified lawyer? Should both partners split the cost of the document?
Typically, a prenuptial agreement can cost anywhere from $1,200 to $2,500, depending on how complex both partners’ financial situations are. But if you keep in mind the money and hassle a prenup can save you down the road, it will be very little money that was very well spent.