Pros and Cons of Prenuptial Agreements

person signing contractGetting engaged and planning a wedding are the beginnings of a special romantic relationship, however there are parts of this process that should be looked at as a business relationship as well. Marriages merge the lives of two individuals who have separate incomes, debts, and properties, and ignoring these financial circumstances could lead to complications in the event of a divorce. Prenuptial agreements, or prenups, help to protect each individual’s financial interests in divorces, making them an important consideration during the time period before marriage. Below is a list of pros and cons of prenuptial agreements to help determine if one is right for your union:

Pros:

  • Protects a spouse from having to assume the other’s debts
  • Protects businesses and practices from being divided as an asset during divorces
  • Can limit the amount of financial support a spouse will have to pay the other upon divorce
  • Can set specific agreed upon responsibilities of the spouses during marriage

Cons:

  • Often seen with the negative stigma that a prenuptial agreement assumes a lack of trust
  • Could lead to a spouse losing the right to inherit from the other’s estate upon death, which is normally entitled even if it’s not explicitly in the will
  • It’s hard to predict what the future will bring, meaning an agreed upon provision pre-marriage may not be the ideal outcome during divorce

Discussing prenuptial agreements with a spouse can be a tricky conversation. Turn to a trusted Lake County family law attorney for help make it a seamless process for each party so you can plan without worry.