When people walk down the aisle, they hope the union will last a lifetime. However, half of marriages in the United States end in divorce. Because marriage is not only a romantic relationship but also a business relationship, many couples sign prenuptial agreements. A prenuptial agreement is a contract signed by couples before they enter into a marriage. It addresses the property and financial rights of each party in the event of a divorce.

If you are planning a wedding, it is a good time to consider the pros and cons of a prenuptial agreement. Listed below are some points that will hopefully help you come to a decision.

Pros of a Prenuptial Agreement

1. Forced to discuss finances before you get married.

Many couples cite financial matters as a cause of divorce. Discussing a prenuptial agreement is prudent because it forces you to talk about money and how you will handle money in the marriage. While bringing up finances can seem scary to talk about, it opens a direct line of communication on the subject. This also requires transparency, which can bring trust to the relationship

2. Protect your property.

When we are in love, we have on our rosey-colored glasses, which can cause us to be financially stupid. Prenuptial agreements can help clear your cloudy judgment by defining what items each partner will be entitled to in the event of a divorce.

3. Protect yourself from the debt of future spouse.

Marriage means combining of financial interests. This means creditors can seize your property for unpaid debt, even if it is your spouse’s debt. For example, if your future spouse enters the marriage with credit card debt and fails to pay, creditors might take money out of your joint bank account to satisfy the debt. A prenup will allow you to specify whose property will be used to pay off the debt.

4. Protect your business.

Prenuptial agreements can be used to safeguard your business, especially if you established your business prior to the marriage. It can ensure your practice or business is not divided and subject to the control of your former spouse upon divorce. For instance, in January 2019 Jeff Bezos (founder, chairman, CEO, and president of Amazon) and his wife MacKenzie Bezos were seeking a divorce. An area of major concern was the future of Amazon. Because there was no prenuptial agreement in place (this was not an option since they were married before Amazon was founded), Jeff Bezos could have lost voting control of his $143 billion stake in Amazon.

5. Protect rights of children and grandchildren from previous relationships.

Prenups are helpful for couples who come into the marriage with children. You may have certain assets you want to make sure your children will get in the event of your death or divorce. A prenup will make your future spouse aware of your assets, what your children will receive, and the financial situation going into the marriage.

6. If you gave up a lucrative career after the marriage, it can ensure you will be compensated.

Sometimes one spouse will give up his or her career in order to support the children and the family. If this is the case, a prenuptial agreement can help ensure you will be compensated.

7. Can limit the amount of spousal support.

One of the main reasons the super wealthy get a prenuptial agreement is to limit the amount of spousal support.

8. Save on lawyer fees in the event of a divorce.

Divorce is expensive and can be time consuming. The average cost of divorce in the United States is $15,000 and on average takes one year to become final. Divorces may begin on the same page but as time passes, couples start to disagree on significant issues. A properly drafted prenuptial agreement can limit the number of issues you can fight about in a divorce, eliminating a potentially long divorce battle.

Cons of a Prenuptial Agreement

1. Sends the message that marriage is not forever.

Prenuptial agreements kill the vibe of a romantic fairytale ending by making it feel like divorce is a possibility. Some people believe it is bad luck to plan for the failure of a union before it even takes place.

2. Make one or both members of the couple feel like there is a lack of trust.

Bringing up the idea of a prenuptial agreement can be uncomfortable for both members, and it is hard to predict how someone will react. It is especially uncomfortable if there is a disparity in income. The spouse, bringing up the idea of a prenuptial agreement, may make the other spouse feel a sense of distrust.

3. Circumstances change.

No one has a crystal ball that can foresee the future. Potential issues are hard to predict. People get sick and financial situations change. Also, what may seem like an inconsequential compromise now may be more monumental later on.

4. You are in the honeymoon phase.

You may agree to something not in your best interest because you are “too in love,” and you cannot imagine the union coming to an end.

5. You may not be able to claim part of a spouse’s business that you helped grow.

If you contributed to growth and success of a spouse’s business, you may not be able to claim a share of the increased value. In some states, this growth is usually considered divisible marital property.

6. Legal negotiations can get ugly.

Lawyers are hired and trained to protect your rights. Thus, there is a possibility prenuptial agreement negotiations can get ugly. Lawyers can create conflict even if they mean well.

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