Should You Get a Prenup?

The debate on prenuptial agreements, colloquially known as “prenups,” is heated and incredibly varied. Google the issue and you’ll come up with thousands of articles from business, financial, and relationship journals in support of getting the agreement and just as many against it. All in all, it can be said that the decision to get a prenup is best reviewed on a case-by-case basis. But how do you know whether your specific case necessitates the hotly debated documents?

First of all, younger, less financially-established parties with very few assets to their name at the time of the marriage shouldn’t need a prenup. However, having a significant amount of assets when coming into a marriage can cause initial issues that may be resolved through a prenup according to the lawyers at Arenson Law Group, PC.

A study by TIME’s Magazine found that more couples argue about money than any other topic. In order to prevent the arguments and stress money can cause in a marriage, it is often suggested that couples maintain open communication about the topic. If you’re worried your potential spouse may be uncomfortable discussing money, prenups can help start a dialogue on finances in the relationship and establish financial boundaries that both parties can agree on. Though financial conversations can be awkward initially, they are going to be a recurring theme throughout any marriage.

Another major issue that should factor into any decision to get a prenuptial agreement is spousal support. If you don’t think your spouse will appreciate the prenup, it is probably best not to get one. Trying to force a prenup on an unwilling party is likely to create friction and inspire distrust very early on in the marriage.

One last thing that should be considered is the presence of children. For those who are going into a marriage with existing children, it may be good to establish a prenuptial agreement to ensure that there is a stable plan in place for the children. Prenups can also let you establish these children as beneficiaries in the case of your death according to CNBC.

All things considered, the prenup is neither good nor bad, but a tool you and your partner can use to help construct a marriage or take it apart. Whether you decide to use one or not, the decision to get a prenup can set the course for a marriage and is a decision that should be seriously considered and discussed in depth.