Money Magazine once published an article titled “Don’t Let Divorce Wreck Your Finances” highlighting a harsh reality: after divorce, living expenses often rise while spending habits remain unchanged. The financial strain can be overwhelming, and it doesn’t just affect the couple. It affects their children, too.
Forbes echoed this concern in “The Financial Impact of Divorce,” outlining how lack of planning can lead to costly disputes over assets, real estate, debt, taxes, and support. The article emphasized that without clear financial boundaries, couples often face long-term instability and expensive litigation. Both sources highlight the measurable impact divorce has on children. Setting aside the emotional level of divorce on a child, an aspect much harder to quantify, financial strain is an easily identifiable statistic.
What Divorce Really Costs
Judges, mediators, and other professionals involved in divorce proceedings come at a steep price. And every dollar spent on litigation is a dollar that could have gone toward your child’s future, like a college fund, a down payment on their first home, or even a parent-child vacation to reconnect.
Quality schooling, quality of life, and quality time are all casualties when couples don’t plan for the uncertainties of what could happen tomorrow. An important discussion now saves ache and cost in the event of separation.
The Long-Term Impact on Children
In 1998, one of the most expansive longitudinal studies on divorce was conducted by Judith S. Wallerstein and Julia Lewis. Titled “The Long-Term Impact of Divorce on Children,” the study followed families for 25 years, tracking how divorce affected children into adulthood. The findings were sobering: not only were the financial consequences often dire, but parents also struggled with guilt over the money spent on legal battles, money that could have supported their children’s education, housing, or emotional well-being.
While prenuptial agreements in New York cannot legally dictate custody arrangements, they can help couples plan financially in ways that shield children from fallout. By setting clear expectations around assets, debts, and financial responsibilities, couples can reduce conflict and preserve resources for their children. Better yet, open discussion is a staple of successful marriage, and being willing to discuss scary possibilities can help eliminate problems before they arise.
Why Prenups Are a Smart, Family-Focused Choice
No one wants to believe their marriage will end in divorce. But statistically, it’s a possibility every couple should consider. A prenuptial agreement isn’t just a legal document: it’s a financial roadmap. It encourages both partners to take an active role in planning how they’ll contribute to savings, spending, and shared goals.
This kind of clarity can ease the transition if divorce does occur. And more importantly, it can help ensure that children aren’t caught in the financial crossfire.
Final Thoughts
Prenuptial agreements aren’t about planning for failure: they’re about protecting what matters most. If you’re building a life together, take the time to build a financial foundation that supports your future, and your children’s.
Want to learn more?
Visit our Prenuptial Learning Area: https://www.nycprenup.com/blogs/learning-area
Explore Prenuptial Agreement Cost and Services: https://www.nycprenup.com/pages/pricing
Or email us directly at prenup@nycprenup.com to get started.
Let’s create a document that reflects your values and protects your family’s future.