Should We Get A Prenuptial Agreement?
Prenups… prenups can be an icky topic during the engagement period. If you and your partner haven’t talked about financial arrangements already, it can be a difficult (and quite honestly expensive) process to start with a lawyer while also planning your wedding.
I was recently watching a Shark Tank rerun and heard about an amazing new company called HelloPrenup. HelloPrenup is a platform that is designed to give couples the ability of creating a prenuptial agreement in the comfort of their home without the assistance of a lawyer. Couples answer questions to determine their individual wants and needs which translates to a highly personal (and fully legal) agreement. Not only that but it is $599 per couple — Say what?!
Let’s rewind a bit though - I feel like historically prenups were for the super wealthy or the rich and famous. We would read about them on the cover of gossip magazines or whisper about them to our closest friends, in a no judgement zone. In 2022, that is just not the case. The reality is that couples want prenuptial agreements for many reasons. Many couples are getting married a bit later in life than we have seen in past decades. With that we are seeing careers that are fully established, homes that are already purchased and independent wealth that is already attained. It is a very wise decision to talk through your finances and financial futures before getting married.
To learn more about this awesome new company, I have pulled some information directly from their website.
“HelloPrenup was created by women, with women in mind. It’s no secret that women’s finances are more negatively impacted by divorce than that of their husband’s. Men earn more than women in every country on earth, and in the year 2020, the gap between the median salaries of working men and women in the United States was about 80 cents earned on the dollar for every dollar earned by a man. Once women have children, that number drops to 71 cents for every dollar a man makes. This is often referred to as the “motherhood penalty,” despite the fact that women make up 57% of undergraduate degrees, and 59% of master’s degrees.
“So, how can a prenup help with this? A prenup can allow couples to contract to terms that are fair for them. State divorce law does not always feel fair to divorcing couples, and it often does not feel fair to women who have suffered substantial loss of wealth over the course of their marriage. Ultimately, I built HelloPrenup because I believe that prenups have the power to improve marriages.”
If you are interested in learning even more about this awesome company and/or creating your own prenup with your partner, check out the HelloPrenup website for more information.
Happy financial planning!