The main foundation of any relationship is trust. Although many people claim that prenuptial agreements can shake that trust, they are legit and pretty common these days. Today we will discuss prenup pros and cons and why one should opt for it. Who can benefit from it and why you should not go for a prenup agreement?
Prenup Agreement Pros And Cons
A prenup is a legally binding agreement that discusses the different aspects of the division of assets in case of divorce. Like who can claim what or if the other partner will get a share and how much.
If you ask “should I be offended by a prenup“, we will say “No! Don’t be”. If you will see it from a different and slightly open-minded perspective, it has a lot of benefits to offer.
Benefits Of A Prenup
A prenup may sound awkward to some couples but the pros of a prenup are quite amazing.
- One of the main benefits of signing a prenup is that it is legally binding. This means whatever is written in the agreement, is applicable through law. And one can not back out from the deal once made.
- It ensures a fair division of assets between parties. Also, it protects your rights to your assets. With a prenuptial agreement, you can retain your property to your name.
- Even after divorce, a prenup can save your hard-earned money from losing.
- Due to its legality, a prenuptial agreement saves you from potential fraud, betrayal, and the hassle of dividing assets. It provides clarity of matters.
- In case of accident or death, a prenup is like insurance and makes the division of assets easy.
- A Prenuptial agreement is a sign that you are a mature person and going into a relationship with full awareness of what you want from it.
- Regardless of popular opinion, a prenup actually builds a certain level of trust between both parties. This way you know, the other person is in a relationship because they want to be with you.
- It clears out unnecessary expectations from marriage. Both parties know from the start what to expect in a relationship and what happens if the relationship ends.
- In case of divorce, accident, or death, a prenup saves you from unnecessary costs and time spent sorting out things.
Who Benefits From A Prenuptial Agreement?
Is prenup for all? Yes it could be but mostly these parties reap the benefits of a prenup agreement more than others
- If one of the partners is wealthier than the other. A prenup will save their hard-earned money from dividing up.
- Also, if any partner has children from a previous relationship, a prenup will protect and retain the rights of children over assets.
- Moreover, if one partner has debts to pay, it frees another partner from sharing them.
5 Prenup Cons You Should Know
Some of the prenup agreements cons include
- Rarely this idea comes from both parties. So usually, it favors one party over another.
- Though it’s legally binding if something is left out, it does not apply to those things. So a prenup doesn’t guarantee a 100% foolproof plan for your asset division.
- It clears out some confusion but certainly doesn’t save all the costs of divorce and separation.
- A marriage prenup can shake trust between both parties. The idea of divorce or keeping your assets to yourself is uncomfortable and non-romantic. The other person may feel that you are not trusting them enough.
- Many people claim that a prenup ruined their relationship and they end up splitting over a seemingly “unnecessary” agreement.
When Not To Sign A Prenup?
Both Prenup’s pros and cons make it confusing as to what to do. If both parties are on mutual terms and everything else is fine, the prenup may be unnecessary. The idea of prenup was first generated to save celebrities from potential scams and guard their assets. So unless you are not a celebrity, chill out guys! Enjoy the beautiful days together.
Also, if there is no complexity in the situation involved like an already divorced partner or children from a previous marriage, the prenuptial agreement is not at all necessary. However, if you are going for it, communicate wisely with your partner. They should not feel offended or betrayed by your decision.
How To Dodge A Prenup To Avoid Prenup Cons?
If you are looking for how to avoid signing a prenup, we suggest talking to your partner. Both parties must be on the same page before marriage. Also, if one person is not right with it, clear out all the confusion first. Discuss with each other why it’s important and how it’s beneficial for both parties.
Also, before signing a prenup, talk to your legal advisor and discuss everything prior. Keep in mind that you can’t force a prenup over another partner. This is the first thing that makes it legally binding. Also, a prenup is valid only if made 28 days before marriage so time is of the essence here.
What Should A Woman Ask For In A Prenup?
Keeping, prenup agreement pros and cons in mind, the agreement should protect both parties. However, If a woman is a housewife or does not earn, a prenup can guarantee her financial security. Also, if she is a strong and independent woman, a prenuptial agreement gives her the right to keep all her money to herself. So it can favor women in both cases and a woman can claim assets in case of divorce, accident, or death.
In short, a prenup may be a good idea but it’s important to know both marriage prenuptial pros and cons before going for it. There is no hard and fast rule for a prenup agreement. A couple may sort out things according to their needs and situation.