For a long time, prenuptial agreements were taboo. They seemed to exist only for celebrities and the ultra-wealthy. But that perception is increasingly being pushed aside—and with good reason.
As many have noted, prenups have become increasingly common, driven largely by their use among millennials. However, there’s more to the shift than the raw numbers. Millennials are using prenups differently than previous generations. They’ve come to realize that prenups can do more than define the end of a marriage; they can actually strengthen marriages.
Why prenups may be worth the awkward conversations
Although prenups have become more common, they can still lead to some awkward conversations. When you’re looking to get married, there are plenty of important details to address, but there’s typically a good deal of romance as well. Prenups do not have a reputation for being romantic.
This is because prenups address, in clear, legal terms, the potential consequences of ending the marriage you haven’t yet joined. But the truth is there’s always a risk the marriage could end. Couples that stay together work to honor their commitments. That work isn’t all romance, and the work you do to draft a prenup may qualify as one aspect of marriage that is unromantic, but extremely helpful.
Here are seven ways that a prenup can strengthen your marriage:
- It forces you to speak openly and honestly about your finances, debts and money management
- It encourages you to discuss your financial goals and plans, including the timing of major purchases, such as new homes
- You can address the division between community property and the property you wish to keep separate
- You and your future spouse can work as a team to ensure financial security for children from previous marriages and other family members you might support but that the law wouldn’t fully consider
- A prenup can help solidify your future business and investment plans
- You can address topics like pet ownership and the future of frozen embryos, which affect an increasing number of marriages but may otherwise lead to legal complications
- It offers the peace of mind that comes with clarity and certainty
At some point, every married couple must talk about money. But too many wait until their financial differences have turned into problems. When you have a history of disagreements and other stressors weighing on the conversation, it’s hard to see things clearly. Couples that draft prenups have the chance to clear the air while the temperature is still low.
To learn more about prenuptial agreements, visit https://www.bosinvest.com/blog/estate-planning/be-mine-perspectives-on-the-benefits-of-pre-marital-agreements-from-an-attorney-client/ or contact one of the attorneys at FKKB at https://www.fkkblaw.com/contact/.