Advantages and Disadvantages of Prenuptial Agreements
If you are considering adding a prenuptial agreement to your marriage, it is important to first consider the benefits and disadvantages that such an agreement could have for you. The following are some of the key advantages that come with a prenup:
- They allow you to protect your property that you had before the marriage
- They add support to your existing estate plan
- They clearly define what property will be considered marital property
- They reduce the possibility of conflict and will save you money should you divorce
- They establish ground rules and set procedures for deciding all future property-related matters
Although people tend to believe that prenuptial agreements can lead to conflict in a relationship, having communications and expectations in place before the marriage could actually strengthen your relationship, as you are being open and upfront about some important issues right at the outset of your marriage.
However, there are certainly some downsides to these arrangements. Consider the following potential disadvantages:
- They are not particularly romantic and may add a feeling that your marriage is tarnished
- The time to agree about certain elements of a prenup may not be right, particularly in the early stages of your relationship and marriage
- You may actually have certain protections through state law that you would also have through a prenup, making the prenup somewhat redundant and unnecessary
In the end, whether or not you choose a prenuptial agreement will come down to your own financial situation and the comfort level of you and your spouse. For legal advice regarding if you should create a prenuptial agreement, consult the dedicated Long Island family law attorneys at Bryan L. Salamone & Associates.