Historically speaking, prenuptial agreements were widely utilized by rich, white men who had an ample amount of assets to protect. Primarily speaking, they would get a prenuptial agreement, mostly anticipating divorce, knowing the effects and consequences that divorces wreak on family, finances, and futures.
Now that 2022 has rolled around, times have certainly changed. The stigma that prenups are not necessary for those with little to no assets is slowly slipping away, and for good reason! To be clear, prenuptial agreements are more than just protecting against divorce, but I do want to speak upon why the protections against divorce are imperative.
Divorce Causes Problems Emotionally, Mentally, Physically, and Financially.
First, divorce is expensive. The average cost of divorce is $17,000 and that is if children are not involved. The amount of money spent on attorney’s fees is oftentimes not even worth the fight. Additionally, divorces are filled with a lot of emotions, making it extremely difficult for couples to split amicably. As a result, they are unable to close a door that’s likely meant to be shut, holding them back from what could be a beautiful life ahead of them.
Second, the leading reason for bankruptcy is divorce. So much money is being spent in attorneys fees, assets are being split, debt is accruing exponentially, which all leads to a person leaving the marriage worse off than when they initially met that person. Sometimes divorces leave a person completely desolate.
Third, stay at home parents are oftentimes left feeling increasingly overwhelmed, especially if they have been out of the workforce for some time. They’re embarking on a new life, and that may mean they need to go back to school, obtain new training, and eventually reenter the workforce to be able to sustain a life for themselves, and if necessary, their children. That also means most stay at home parents don’t have a retirement saved up, likely have little to no savings, making them extremely worried and concerned about their future and what retirement may (or may not) look like for them.
The Rich Utilize Prenups For Good Reason
The rich know what they’re doing. The gap between the rich, the middle, and lower class continues to grow, likely because the rich have more knowledge and resources than most; however, it is the responsibility of the middle and lower class to take the knowledge and education they receive and apply it to their lives, because their lives depend on it. Better yet, the lives of their children & children’s children depend on it.
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I, the Prenup Queen, am happy to discuss options and how to best craft a prenuptial agreement that will work for your marriage. As always, the goal of a prenuptial agreement is to help strengthen the marriage and to help both you and your partner have the hard conversations necessary, to ensure you are both on the same page before saying “I do”; however, the reality too is that half of first time marriages end in divorce, and although we want to do everything we possibly can to make sure your marriage works, we want there to be a plan in place, should it not.
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