3 important considerations when suggesting a prenup
Getting engaged and then married is a major commitment. It is also a significant risk. Particularly when people have married before, when they have complex family situations or when they have high-value assets, they may worry about their future financial stability. The financial vulnerability that comes from combining resources can be difficult to navigate.
Those concerned about the possibility of financial complications during marriage and in the event of a divorce may want to protect themselves. Prenuptial agreements can be a viable way to limit personal exposure during marriage and in the event of a divorce. However, many people feel anxious at the prospect of asking for a prenuptial agreement after getting engaged. Before broaching the topic with a fiancé, people first need to consider the three issues below.
Cultural and religious ideals
People often marry across cultures and religions. With compassion and mutual understanding, marriages can work well even when there are major differences in personal values and beliefs. While many members of the younger generations, including Millennials and Gen Z, are open to the idea of prenuptial agreements, members of conservative religions and cultures may find them offensive. Additionally, older adults may also balk at the proposal to establish a prenuptial agreement even if they have experienced a messy divorce previously.
The protections needed
The fiancé proposing a prenuptial agreement usually needs to have a clear idea of how they intend to protect themselves. For example, they may want to designate the business that they already own as separate property or preemptively protect the inheritance they expect to receive when their parents die. Ensuring a balance between both parties’ interests is critical. The fiancé agreeing to the contract also gains the ability to protect resources or establish expectations for property division matters.
What to do after a refusal
Not everyone who proposes a prenuptial agreement successfully convinces their fiancé to negotiate and sign a contract. In scenarios where the other party intensely opposes signing a prenuptial agreement, the fiancé suggesting the agreement needs to have a plan. Do they intend to move forward with the marriage but take steps to keep certain resources separate? Do they feel strongly that they cannot enter into a marriage without contractual protection? Are they willing to risk their fiancé ending the engagement because of the conversation about the marital agreement? Thinking about what may happen if a prenuptial agreement isn’t an option can help people prepare for what could be a very difficult and emotional process ahead.
Learning more about prenuptial agreements can help people explain their wishes more effectively to their fiancés. Those hoping to protect themselves with a marital contract may need legal support when preparing for a potentially challenging conversation, and that’s okay.
