Debating between getting married or paying off your debt can be extremely difficult. The little financial advisor that magically appears on your shoulder will insist, “Don’t do it! Be fiscally responsible so you can properly take care of your beloved,” but the idealistic mini-bride or groom on your other shoulder will say, “Follow your heart! People get married so they can take care of each other.” While it feels better to give into matters of the heart, being money-wise is critical to a healthy relationship too; after all, money woes are the number one cause of divorce. So to live happily ever after, what’s a cash-strapped lover to do?
The NY Times is having a debate on whether or not the prenup is passé. Whatever you think, I think it’s important to consider who needs to protect their assets the most. With men still earning $1 to women’s measly 77 cents, it is fair to assume that it’s not the women. Prenups highlight the unequal wage and income issues that women still face. If office income is not enough to make you think twice, consider that many women who decide to cut back on office hours part time or completely for family set themselves back considerably financially – in terms of retirement savings, competitive wages, position advancements, etc. Married mothers loose around $11,000 in salary for every year they miss in the workplace and that gap only grows with each kid. The role of homemake and mom just isn’t appreciated in terms of its economic contributions like a paying job is. If a prenup needs to be enacted and it favors the father, what happens to the women who put aside both her spouse’s assets and her own income earning potential? No matter what the courts decide in terms of alimony, divorced women can expect a 30% decline in their standard of living.
Whether or not a prenup is necessary before you say, ‘I do’ consider the larger social issues it relates to – not just for you but for all women.
See what others had to say in the NY Times debate: The Power of the Prenup – Room for Debate – NYTimes.com.