Millions of people have congratulated Britney Spears on her recent engagement. Almost as many urged her to make a prenuptial agreement.
Her fiancé, Sam Asghari, was already on board.
“Thanks to anyone concerned about the marriage contract! Of course we get an armored marriage contract to protect my jeep and shoe collection in case she ever dumps me,” he wrote on Instagram.
In fact, the singer’s assets are valued at over $ 50 million, which makes the pop star and her longtime love obvious candidates. the knot.
“More people could benefit from a marriage contract than we generally realize,” said certified financial planner Stacy Francis, president and CEO of Francis Financial in New York.
For example, marriage contracts, which typically protect real estate and investments, savings accounts, or a business, may also offer the possibility of determining how a partner might be compensated for leaving the workforce for their own sake. take care of his children.
The average cost of a marriage contract can range from around $ 1,200 for simple, low-cost agreements to $ 10,000 for more complicated matters.
“Part of the definition of a marriage is an economic union,” Francis said. “It helps define the terms of the economics of marriage.”
In addition, it is increasingly common that there are complicating factors, including children from a previous relationship, a family business, real estate and investments, or student loan or credit card debt. of a partner.
For millennials in particular – now struggling with $ 1.7 trillion in outstanding student loans – this may be reason enough to consider such protection.
A strong marriage contract can even help couples stay married, according to Penelope Hefner, a family law attorney and director of Sodoma Law Union in Monroe, North Carolina.
It’s an opportunity to have those conversations about money, she said. Doing this before getting married gives each person a better understanding of what is most important to their partner as well as the opportunity to discuss and set common goals.
“Everyone brings something to a wedding,” Hefner said. “A prenuptial agreement offers the security of knowing that your partner appreciates you and what is important to you.”