Modern marriage continues to evolve, which makes considering a prenup an important topic.
According to Statista, the median ages for a first marriage has raised to 28.6 for women and 30.6 for men. As the age increase, so does the chances of having established financial assets. Along with protecting finances, prenups offer other benefits for both partners.
1. Fairness for both parties
At the basic level, an enforceable prenup must provide protection for both spouses. Both must agree to everything in the prenup and voluntarily sign it with lawyers present. The draft needs to have a fair balance and no one-sided benefits. During the process, it allows the future married couple to share openly about any debts or assets, which may actually have a positive effect on the marriage.
2. Define roles and responsibilities
While most people think of finances when it comes to a prenup, it also serves as a way to define expectations for the marriage. Prenups can cover a range of topics important to each person. It allows people to determine the best way to set up bank accounts, divvy out bill paying, invest together and more.
3. Protect kids
For people who already have children, protecting them remains a top priority. A prenup allows a parent to designate assets to children, ensuring they retain the rights of the property or asset in the event of a divorce.
While a prenup may seem like an option that only the very wealthy use, anyone may benefit from one.