Bride and groom cake toppers separated by a money-filled jar.
JGI/Jamie Grill
Prenups can be controversial — and many people think they’re only for the rich and famous.Financial experts, however, say that’s not the case, and that all couples should consider them.They said prenups can be like insurance or a financial safety net.
There are a lot of preconceptions about prenuptial agreements.
People think they could mean you don’t think you’ll stay married, indicate suspicion or distrust, or that they’re only useful if you have assets to protect.
Financial experts, though, see a different side to the agreements and think all couples should consider them.
Theresa Viera, an attorney based in South Carolina, told NPR that prenups are financial safety nets, not harbingers of separation.
“We’re not preconceiving that a divorce is going to occur,” Viera said. “We’re discussing important financial issues that come up in every marriage.”
Viera added prenup agreements can give a couple the opportunity to discuss long-term financial goals, like owning a business, retirement age, or shared bank accounts.
Ultimately, Viera said prenup agreements are about taking care of your future spouse.
Considering a prenup is like telling your fiancé, “I love you today. I don’t know who I’m going to be 10 years from now,” Viera said. “And I want you to know that no matter what, I’m going to take care of you, even if our relationship ends in divorce.”
Financial expert Suze Orman agrees — she told CNBC that a prenup might feel unromantic, but it’s worth an uncomfortable conversation.
“I get too many emails from older women and men telling me that they’ve just lost everything because of a divorce,” Orman said.
Orman said despite the initial awkwardness, a prenup can actually make your relationship stronger.
Similarly to Viera, she thought the agreement offered couples an opportunity to get to know all their partner’s thoughts on money.
“If you cannot talk money to the person that you are about to marry, you are doomed for failure because money is going to run through your relationship more than anything else,” Orman said.
Prenups can protect you from being responsible for your spouse’s debt, Orman added, and protect your property both before and after the marriage.
Despite these pros, prenups only recently gained some popularity among Americans.
The Harris Poll, a global consulting and market research firm, found that in 2022, about 15% of married or engaged Americans have signed a prenup. Historically, numbers have been much lower — in 2010, only 3% of Americans had signed one, according to another study conducted by Harris Interactive.