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Pros and Cons of a Prenup

September 20, 2019 by Jon J. Gasior, Estate Planning Attorney

“Pros and Cons of a Prenup” by Attorney Jon Gasior (Audio)

Is it a good idea to sign a prenuptial contract before tying the knot? What are the pros and cons of prenups?

The pros

  • The most common reason couples fight is finances. Getting it all out on the table upfront will help with discussing financial matters down the road.
  • Couples should consider spending habits: If one person spends irresponsibly and the other is frugal and responsible, there may be a need for something in writing.
  • Prenups offer protection of current and future inheritances.
  • A prenup protects a business or businesses owned by either spouse.
  • They can actually facilitate effective communication.

The cons

  • However, if both parties are young and starting out with relatively equal contributions, it doesn’t seem to make sense to sign a prenup. It erodes trust immediately and can leave one partner feeling suspicious as to the motives of the other.
  • A prenup may imply that the marriage is temporary.
  • You don’t want any of its provisions to be a burden for either party if circumstances change.
  • It can be a marriage deal-breaker if you can’t agree on a provision.

What a prenup can do

A marriage is a contract and there are safeguards that can protect both parties if there’s a breach. A prenup can be seen as a contract before the contract. The content can vary, but the most common provisions discuss assets and property division, as well as spousal support if the couple separates, divorces or either spouse dies. Among common provisions are:

  • Division of property on divorce.
  • Distribution of property on death.
  • Ownership of the marital residence.
  • Defined premarital and marital property.
  • Responsibility for premarital debts.
  • Alimony obligations.
  • Provisions for children from previous relationships.

Whether or not you think a prenup takes the romance out of marriage, there’s no denying that it makes sure that during a marital crisis, the most crucial steps have already been taken care of.

However, timing is essential. A prenup isn’t something one half of a couple should spring on the other right before the rehearsal dinner, so discussions should be held well in advance, in consultation with attorneys. Premarital counseling is also a good idea, to make sure everyone is on the same page with finances, for example.

Preparing a prenup asks the members of a couple to think about divorce at the very moment they’re making a lifetime commitment to each other.

If a prenup is something only one of you wants, this may be a thorn to the bliss. Is there family money involved — does that mean one of you is worried the other is a fortune hunter? Probably not, but the request may make you feel this way. A prenup means not only thinking of legal matters, but also of emotional ones.

Hire your own lawyer — don’t sign anything without legal representation. And make a note of any issues that arise — these are issues a couple should discuss with each other, and with a counselor as necessary.

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Jon J. Gasior, Estate Planning Attorney

Jon J. Gasior, Estate Planning Attorney

His personal experience with family and the problems that resulted from their failure to create an estate plan resulted in his desire to learn more about this area of the law. From his work in the Elder Law Clinic, he further realized the need to plan not only for death, but also for incapacity during their lifetime.
Jon J. Gasior, Estate Planning Attorney

Latest posts by Jon J. Gasior, Estate Planning Attorney (see all)

  • Creating a Why - November 14, 2019
  • The Importance of Communicating Your Plans - October 25, 2019
  • Pros and Cons of a Prenup - September 20, 2019

Filed Under: Estate Planning, Pre-Nuptial Agreement

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Jon J. Gasior, Estate Planning Attorney

About Jon J. Gasior, Estate Planning Attorney

His personal experience with family and the problems that resulted from their failure to create an estate plan resulted in his desire to learn more about this area of the law. From his work in the Elder Law Clinic, he further realized the need to plan not only for death, but also for incapacity during their lifetime.

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Everything about the SinclairProsser Law firm is top notch. The staff is very professional. The attorneys are extremely knowledgeable and capable. My experience let me know the SinclairProsser Law firm is the best in its field.
Samuel C.
We initiated estate planning following a presentation by SinclairProsser Attorney Jon Gasior. We were so impressed, we contracted with them to complete our estate planning. Subsequently, we assembled information on our assets and SinclairProsser did the rest. Correspondence was communicated to our financial institutions and the estate was established. We were very pleased with the courteous manner of the SinclairProsser staff. However, it was their professionalism that made us satisfied we chose…
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My wife and I engaged SinclairProsser when we moved to Maryland over five years ago. Our previous plan, from another state and firm, was overly complex and difficult for us to understand after several years. SinclairProsser guided us through a very thorough, but efficient, process to determine exactly what we wanted in our plan. They provided options along the way, and were very patient in explaining — in simple terms — exactly the results of each option. They were exceptionally responsive in ad…
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