Thinking of getting a prenup? You’re not alone. Georgia leads the nation in the contracts
Times are tough all over as the middle class shrinks and it becomes more and more expensive to be alive. Trends, especially marriage trends are being affected and more and more couples are opting into a prenuptial agreement.
In fact, Georgia is tied with New York, California, Oklahoma and South Carolina for some of the highest adoptions of the pre-marriage contract at an astounding rate of 18% and it’s only climbing. Only Massachusetts and Washington have higher rates (19%).
A study done by the website TurboDebt suggests that “increasing financial savvy among modern couples is most likely the culprit to the rising instances of prenups,” and it can be attributed to many factors.
Factors that lead to prenups
Job and financial insecurity - 35% of people are concerned for their personal savings.
The costs of living - Georgia ranks as the 31st most expensive state in the U.S. Although that is below the national average, Atlanta’s cost of living is .3% higher than the average, which affects the state’s ranking.
Columbus’s and Augusta’s costs of living are 12% below the national average
Macon’s cost of living is 14% below the national average
Savannah’s cost of living is 6.7% below the national average
Divorce laws - drama surrounding splitting assets often can be a mitigating factor when it comes to prenup agreements. Georgia is a no-fault state in most circumstances, which can complicate things when it comes to the equitable distribution of marital property.
Regret - many people who do not seek a prenup often regret it during or after a divorce.
The pros to having a prenup
Many people believe the prenup is meant to protect the person with the most assets, but this isn’t alway the case. It can be useful for both parties. Here’s why:
Allows couples to clearly define financial boundaries BEFORE they’re angry or hurt during a split
Shields one spouse from being responsible for the debt of the other
Ensures a fair distribution of wealth, even to a lower-wage earner
Encourages open communication
Guarantees a fair continuation of spousal support - in Georgia, permanent alimony is not a thing, so a prenup can help with that.
What are your thoughts about a prenup? Do you and your spouse have one or will you consider getting one? Sound off in the comments, or you can email me and find me on Instagram.
