Congratulations on getting engaged! Amid all the wedding planning activities, there is one thing to consider. Should you get a prenup before saying I do? The practice has become increasingly common, but you are unsure if it is the right thing to do.
Opposers argue that prenups discourage couples from working things out by making divorce easy, while supporters claim that prenups can provide marital security and prevent harmful contention if divorce happens. The truth is that prenups can be good or bad depending on your situation.
When are prenups good?
Prenups are helpful because they allow you to decide on divorce terms when you are not in a state of hostility or revenge. You can think more rationally and fairly now than in the midst of a breakup. The process of creating a prenup also helps you practice communication and cooperation skills and can reveal a fiance who is not the person you thought he or she to be.
Prenups are definitely beneficial if either of you have many complex assets, are entering a subsequent marriage or have children from other relationships. However, note that you cannot include child support or custody orders in this document. Those decisions must wait until divorce.
When are prenups bad?
A prenup is not useful when you make it on your own. Do-it-yourself forms rarely capture the unique circumstances of your marriage and assets, and you may include things that are not legally enforceable. You need the help of an attorney in creating an agreement that is thorough, accurate and valid if divorce comes.
The timing of its creation is also important. If you make a prenup too soon, you may not have enough information or experience to make the best agreement. You may want to take time to discuss relevant topics in detail or seek guidance from financial and legal professionals. You also have the option of getting a postnup instead, which is an agreement you make after you get married.
