Prenuptial Agreement Pros and Cons List
When a person decides to draw up a prenuptial agreement, they may spend an inordinate amount of time considering the advantages or the disadvantages, rather than taking a measured approach and considering each side of the equation equally. In order to make the proper decision, it is imperative to consider the pros and cons. Let’s start by discussing the advantages, before assessing the downsides.
List of Pros of Prenuptial Agreement
1. Strengthens Relationship
Many people falsely believe that prenuptial agreements can cause severe conflict between them and their potential partner, but in reality, drawing up a prenuptial agreement can serve to strengthen the bond between two people. By opening the lines of communication regarding money matters early, a couple can lay the groundwork for an excellent marriage.
2. Determining Ownership of Property
One of the most common reasons why a divorce ends up being dragged out for an untenable length of time is because the couple did not establish what property was communal and what property was personal during the early stages. A prenuptial agreement allows a couple to make these decisions while the relationship is still on good terms, which is much easier than waiting until things go sour.
3. Avoid Potential Disasters
Talking about money and property related issues prior to a marriage may not be the most natural aphrodisiac available, but by doing so, you can potentially avoid a disastrous marriage with someone who is merely after your money and property. A person who is truly in love with you will have no issues with signing a prenuptial agreement.
List of Cons of Prenuptial Agreement
1. It Is Far From Romantic
There are those who are more of the romantic type and may not want to hear a word about a prenuptial agreement. This is not because they are gold diggers, it is because they are hopeless romantics who see the relationship lasting forever. While this attitude is admirable, it does not make for great planning.
2. Timing Is Not Always Right
Two people does not always enter a union with a large amount of money and property on hand and they may not be able to amass anything worth discussing until the marriage has had a chance to blossom. If neither person has any money or property worth protecting, then there is very little need to draw up any sort of agreement.
3. Your State Could Have Laws In Place
Depending on the state where your marriage is about to take place, you may already be protected under the laws that have been enacted. Certain states already have laws on the books that allow for the protection of monetary and property assets and keep them safe in case of a divorce.