Women’s Emerging Attitudes on Prenups

It wasn’t long ago that the topic of a prenup threw cold water on a relationship pretty quickly. After all, how much more unromantic can a discussion get than when it contemplates the possibility of divorce before you’re even married? But these days things are changing, and couples are more than willing to have a frank discussion about assets and debt before walking down the aisle.

Why Women Should Care

The statistics about women’s financial security following a divorce are pretty harrowing. While men tend to maintain their fiscal stability, the income level for women can drop by as much as 40 percent in the first year. That can translate into a drop in the standard of living by as much as 73 percent! Thus, it’s no surprise that 20 percent of women are looking at a life of poverty after a divorce.

Understanding the Issues

For many women, especially those in the last trimester of life, many years were spent as a homemaker. They don’t have their own health insurance, pension plan, or 401k plan. Even if they did work outside the home, women traditionally earn less for the same work in this country, so their retirement plans are not nearly as beefy. On top of that, many have health insurance that is provided by their husbands’ jobs. 

It’s About the Money 

Many women could benefit from a prenup simply because they supported their husbands’ career growth and sacrificed their own career ambitions. Even though it may have been done willingly, the sacrifice should be recognized and accounted for. On the other hand, plenty of women are entering marriage better off today than they did in the past. Many have careers that pay well; others have inherited a fair sum from their Boomer-parents. The old playbook that said that talking about money before marriage is impolite simply doesn’t meet today’s needs. Not only are women making more money and relying less on their husbands financially in many instances; in some cases, women are outearning their husbands, and having a conversation about finances can protect their fiscal standing in the event of a divorce. Many women are finding that treating a prenup like a business plan is smart and effective.

And More… 

What if you started up a business and built it with your own blood, sweat, and tears. Do you really want to risk having to share that business down the road, or worse, having to rip it apart to pay off your spouse? Or what if you’re a teacher that never made a ton of money, but who has a great pension plan. Isn’t it a good idea to protect those dollars for your old age?

Your Advocate 

The experienced Springfield family law attorneys at Courtney & Mills understand the complex issues involved in marriage and divorce. We will always fight to achieve the best possible outcomes for you. Schedule a confidential consultation in our Springfield office today.