A lot of couples are hesitant to get prenuptial agreements. Aside from the fact that discussing a prenup doesn’t exactly set a romantic tone when you’re planning your nuptials, some people feel like a prenup is akin to betting the marriage will fail.
There are a lot of good reasons to consider a prenup, but one of the most obvious ones may be the cost of the wedding itself. Unless money is no object in your pursuit of a dream wedding, you may quickly experience some sticker shock at the cost of a wedding these days.
In 2019, the estimated cost for an average wedding is $29,858. Of course, that can vary drastically, depending on where you live. In Chicago, the average price is $49,151. In Central Illinois, it’s $19,251.
In many cases, research shows that the two people planning the wedding have vastly different ideas about what’s reasonable to spend on it. Around three-fourths of couples who go into debt over a wedding fight over what they’re spending.
A prenup could be a good way to resolve the issues between you and your future spouse. If you think it’s outrageous to spend the equivalent of the cost of a car or a down payment on a house for a single party (no matter how special), you may be able to compromise with your intended more easily if a prenup is there to protect you financially should the marriage falter.
Prenups can make it easier to sort out the debts and assets of a marriage, whether that marriage is brief or long. If you’re concerned about the different approach, you and your future spouse take to money, learn more about prenuptial agreements today.