Prenups are for anyone! Really, not for everyone, but for anyone.  Anyone with assets, debts, or who expect to have either of these one day.  Here's some of the  many reasons you may need a prenup and don't yet know it. 

 

1)  Autonomy over your finances.  Like it or not, marriage is a contract with terms dictated by state and federal law and applied with broad discretion by a divorce judge. Entering into a prenup is the only way to opt out of these pre-established standards and decide the financial terms of your partnership for yourselves.  Thus, a prenup fosters education -- do you know what your state's laws are that will dictate what happens if you divorce or die?  Don't take the form contract when you can customize your agreement to suit your marriage. 

 

2) Improve Communication and Understanding. Discussing your finances can be tricky, but it's not going to get easier after the wedding, especially if you can't openly communicate about them now.  The process of agreeing to a prenup means discussing your money issues with each other, getting it all out on the table, and coming to mutual solutions. This sets a foundation for solid communication in your marriage, strengthens your bond, and enhances your understanding of each other. 

 

3) You're worth more than you think!  People are getting married later, living longer, and inheriting more. This means you are more likely to have assets when you marry, and those assets are likely to grow during your lifetime. Whether it's a home, a professional degree, stocks, a 401K plan, perhaps an invention, or your non-monetary contribution by raising the children, you need to protect your nest egg, great or small. A prenup can do all of this and more.

 

4) Create a Contingency Plan. Most of us are serial monogamists. It doesn't mean you are expecting to divorce any more than buying car insurance means you want to have a car accident.  For the 50% of people that divorce, 75% will remarry within five years, and 60% of those will divorce again.  If the worst happens, a prenup can help you spend less time, money, and energy extracating yourself from a failed relationship, and more time ushering in your new life. 

 

5) Protection for those you love.  We have more dependants these days.  Be it children from a previous marriage or our aging parents, we have more people to take care of.  A prenup allows you to provide those you love with security for their support, tuition expenses, or to protect an inheritance or family heirloom.  A prenuptial agreement is an essential tool for your estate planning package.