Considering that about 41% of marriages end in divorce, opening up a friendly dialogue about money can prevent problems before they start. A Harris Poll conducted between May 2022 and May 2023 found that in the U.S., 42% of the population is in favor of creating prenuptial agreements, and 35% of those who are single signaled their willingness to get one in the future. That’s a huge increase since 2010 when only 3% said they’d signed one.
A prenup legally defines who owns what and how both parties’ assets will be shared in case of a divorce or legal separation. One benefit is that you’ll be protecting your individual assets, businesses, inheritance money, real estate, and so on. By defining everything clearly, you’ll avoid a huge potential expenditure of emotional drama. Celebrity divorce lawyer Raoul Felder shared with CNBC, “If you want to make sure that a prenup sticks, the guide is transparency. People should state what they have, what they may have, [and] what’s down the pike…”
A prenup can ensure that you won’t be saddled with your spouse’s debt. The agreement can also define how each partner will contribute to the household, like utilities, groceries, etc., and how you might like to co-finance big purchases like cars and homes. In the unfortunate case of a divorce, a prenup speeds the process and also protects any inheritances meant for your children. It’s meant to provide a sense of ease.
