Prenuptial agreements have grown in popularity, with the number of couples choosing to draft one rising from 3% in 2010 to 15% in 2022. Although prenuptials are no longer the province of only extremely wealthy couples in New Jersey, many people shy away from drafting them, yet doing so can strengthen your marital bond.
Younger couples are more apt to draft a prenuptial agreement
About 40% of couples aged 18 to 34 draft prenuptial agreements, whereas only 13% of older couples aged 45 to 54 have embraced them. This trend indicates that these agreements are considered practical by an increasingly broader segment of society. Although these documents have traditionally been linked with asset protection, they offer a range of benefits you may not expect, essentially strengthening your relationship.
Psychological benefits that prenuptial agreements provide
Prenuptial agreements have three significant emotional benefits for couples. Consider these if you remain skittish about drafting one:
- Facilitates financial conversations
- Increases trust and builds confidence
- Preserves personal autonomy
Conversations about assets before marriage can help overall communication and allow couples to be honest about finances. Drafting a prenuptial agreement is also a form of joint planning, emphasizing the importance of joint decision-making. While marriage is a union, each partner should still maintain a sense of autonomy. This agreement allows partners to do so.
Making your life easier
Although virtually no one enters into marriage to eventually get a divorce, circumstances can irrevocably change a couple’s relationship. A prenuptial agreement may save your marriage in difficult times, but sometimes it may not. However, an agreement can make dissolving the marriage easier, especially regarding asset division. A prenuptial agreement can significantly shorten and simplify divorce negotiations if you eventually divorce.
However, a prenuptial agreement can help you avoid unneeded financial arguments, one of the primary reasons couples decide to split. Draft a comprehensive understanding and refer to it when needed to help you through rough times in your marriage, and if necessary, use it as a guideline for divorce negotiations.