Is a Prenuptial Agreement Right for You?
by Shae Irving & Katherine E. Stoner, Attorney-Mediator
These steps will help you decide whether a prenuptial agreement makes sense for you.
Whether to have a prenup is as personal and unique a decision as whether to marry in the first place. Here are a couple of things you can do to figure out whether a prenup is what you need.
Consider the Pros and Cons
Before getting to the specifics of your own situation, it can be helpful to look at the general pros and cons of making a prenup. We'll look at the good news first, then a few downsides.
Prenup Benefits
Making a prenup can:
- protect your separate property
- support your estate plan
- define what property is considered marital property or community property
- reduce conflicts and save money if you divorce
- clarify special agreements between you, and
- establish procedures and ground rules for deciding future matters.
In addition, creating a prenup may actually strengthen your relationship. While people often imagine that negotiating a prenup is potentially divisive, communicating about money matters can actually improve the quality of your relationship and support good communication in your marriage. Even if you don't end up signing a written agreement, just sitting down and hashing out the basics about money and property can eliminate misunderstandings that might otherwise create conflict. Remember that sooner or later you and your intended will be talking about money. If you think you can handle it, most psychologists and legal experts would tell you there's no time like the present.
Disadvantages of a Prenup
While there is a lot to be said for a carefully considered, clearly written prenup, there are some downsides to consider.
It's not romantic.
Let's face it, a prenup is not romantic. Being engaged conjures up images of candlelit dinners and walks in the moonlight. Although marriage is a financial partnership as well as a romantic one, if you feel that discussing something as mundane as property and finances, as well as the possibility of divorce, will mar an otherwise beautiful time of your lives, you may not be candidates for a prenup.
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Copyright 2007 Nolo
