A prenuptial agreement may either cause one to cringe or spur a sigh of relief?depending on how you look at it. When you think of the word ?prenup,? your mind likely instantly associates it with money. And in the majority of real-world examples, this may not be far from the truth. However, there are plenty of pros (and cons) that are not tied to finances?at least not directly.
A prenup, also known as a premarital agreement, is quite simply a contract between two parties that only becomes legally binding upon marriage. It can address a number of topics aside from money, and can provide several safety nets for other aspects of your life.
If the idea of getting a prenup leaves a sour taste in your mouth, you might want to rethink what you know. The best way of getting a better perspective on the subject is to compare the pros and cons of it all. (Spoiler alert: there are surprisingly more benefits than there are downsides.) Pro: It Protects Your Assets
Before we go further, let?s get the elephant out of the room. In most cases, a prenup comes into play when two to-be-newlyweds come from or have different financial backgrounds. Depending on how it?s worded, it can benefit either the more well-off person or the less well-off one.
For example, the prenup may prevent either party from claiming rights to any assets (be it money or property) that belonged to either individual prior to the marriage. But then, any assets acquired after said marriage would be fair game, right" N...