It isn’t essential for everyone. A couple entering a first marriage with few assets, debts or other extenuating circumstances can generally forego the expense. With two lawyers recommended — one for each person — even an uncomplicated prenup can run $2,000 to $3,000 or more.
The cost goes a long way toward explaining why still only 3 percent to 5 percent of married couples have prenups. They are most popular with baby boomers in the 40-to-60 age range, who have more money and can afford to pay for adequate protection.
Yet it can pay off in the long run.
“It has the potential to save a tremendous amount of legal fees” in the event of divorce, says Robert Maloney, a financial planner in Holderness, N.H…
To broach the subject in a nonconfrontational way, one partner might propose scheduling a financial discussion for, say, 7 to 9 p.m. one evening, followed by a romantic date afterward. The business chat can include talk about what kind of budget they’re going to have, whether they need separate checking accounts, savings goals, spending limits and, yes, a prenup.
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