There are pros and cons to a prenuptial agreement, though some argue there are more positives. When it comes down to it, marriage is not just a romantic notion; it’s a business relationship that you have to take responsibility for. A prenuptial agreement gives you the chance to acknowledge and protect your assets and financial interests.
What are the positives of a prenuptial agreement?
The first thing that is good about a prenuptial agreement is that you can protect the inheritance rights of your children and grandchildren from any previous marriages or relationships. Second, if you have more debt, or your spouse has more debt than you, your prenuptial agreement can keep that debt separate to protect both of you.
A premarital agreement can make sure you’ll be compensated if you give up a career for the purpose of your marriage or to take care of children, and it can also limit the amount of spousal support one spouse could owe another.
What are some cons of a prenuptial agreement?
You have to be careful of what you sign; if you would have spousal support limited in the case of divorce, you might not be able to afford the kind of lifestyle you live with your spouse now. You might agree to terms that aren’t in your best interest when you and your spouse are in love; remember that it’s perfectly possible to sign away your rights in a prenuptial agreement, so you could be costing yourself part of an estate or cutting yourself out of a business if you sign an agreement that states you will.
Source: FindLaw, “Pros and Cons: Premarital Agreements (“Prenuptials”),” accessed Oct. 07, 2016