JAMAICANS are being urged to consider a prenuptial agreement as a financial safety net in light of climbing divorce rates.

In 2021 figures from the Court Administration Division revealed that 4,381 divorces were filed. That’s a 18.7 per cent jump from 3,689 the previous year.

There are many factors that lead to divorces, and money is one of them. So while we hope all marriages will last until the ’till death do us part’ commitment, the reality is, many don’t. And if money is one of the main factors that causes a marriage to break down, and also is a problem some times when couples separate, perhaps a financial plan prior to marriage, detailing how assets and liabilities will be handled if the marriage breaks down, is a good plan to have.

We are talking here about a prenuptial agreement.

A prenuptial agreement is a written contract that lays out before a marriage, who will be responsible for the property and finances of each partner during the marriage, and who this wealth belongs to following a divorce. It serves to provide clear and agreed conditions in the event you and your partner decide to go your separate ways. It’s an uncomfortable topic for anyone to raise while courting ahead of marriage, but as attorney-at-law Anwar Wright told the Jamaica Observer, “it saves the hassle of trying to vindicate your rights, because of the unknown, and it puts things clear on the table. You know exactly how you’re getting in, and you know exactly how your getting out” of the marriage.

There are some misconception about the agreement, one being that it is for the rich, a view Wright said is shared among people who view their assets as insignificant. The other misconception is that talking about or even thinking about a prenuptial is a sign of distrust.

“You have people who think about things practically. [Getting a prenup] doesn’t take away from the realness or the outlook of longevity [of a marriage],” Wright outlined.

“We have to be real, and we have to think logically because anything can happen. Some are sceptical to have the discussion about a prenup because a marriage should be forever. For better or for worse. Our Jamaican society is not one where we enter into the realm of emotions with a rational sense…we go based on how we feel,” Wright added as he highlighted there is nothing wrong with having a prenuptial agreement.

He implores Jamaicans to change their attitude against having the agreement adding that it can actually build trust and help strengthen a relationship by setting the stage for an open and honest dialogue about shared goals and planning for the future.

“In the event that X happens, this is the situation. In the event that Y happens, this is the situation. We agree on everything. There’s nothing in the dark. A lot of the times when things are in the dark, that’s how you get into problems.”

Wright noted that there have been an increase in the number of couples seeking prenuptial agreements, especially among the younger generations.

“I think the structure of relationships now is not really unions based on marriage, but unions based on agreed terms and structure. More and more people are looking at marriage as a contract which is what it really is,” he emphasised.

He pointed out that while a prenup is used to help ensure that assets and liabilities acquired before marriage are separated amicably, it can extend beyond assets to outlining how other issues are to be dealt with after divorce, including spousal support.

“Having a prenup now, you would have already contemplated, ‘okay, since I am going to be married to you, and these are my circumstances, and I’m dependent on you, let’s make an agreement, so if we break up, I’m to get $10 million as a lump sum upon the ending of the marriage or $200 thousand per month for five years’.” It’s an agreement that can be helpful for a person with a 10-year gap on their resume, who’s trying to get back on their feet financially.

In the end, while a prenup is an additional expense, it could save you more money in the long run. A prenup, depending on its complexity, can range anywhere from costing $80,000 and upwards. There are, however, some alternatives that may help couples prepare for their financial future. These include a post-nuptial agreement which is a contract between spouses, after entering into a marriage and is still committed to each other. The other is mutual estate planning. While these are less common that a prenup, it can be as effective in planning for the unfortunate reality, that, while we don’t want it to happen, some marriages do end before death.