Is MC Lyte Right? Weighing Up Prenups for Average Americans
(AP)— Once considered a quirk of high-powered matrimony, prenuptial agreements are becoming more mainstream. Take it from a celeb - prenups are not just for the rich and famous.
In the aftermath of her divorce, MC Lyte is recommendingmore people, especially those in the Black community, sign a prenup before saying their vows. Americans may be warming to the rapper's advice. A Harris Poll from last year showed that 15% of Americans signed a prenup, up from just 3% in 2010.
Besides growing interest among younger couples, there is also an awareness that this legal framework can protect women as much as men. This post will ask financial advisors what they advise their clients on when considering a prenup and how to go about it the right way.
A prenuptial agreement (or "prenup") is a contract signed by a couple before they are officially wed that delineates how assets should be split in the event of divorce. They also may cover property rights, spousal support, or other financial aspects of the relationship, but typically not custody or matters related to their children.
Most couples don't want to split hairs when they're getting ready to tie the knot, but in hindsight, many admit setting guardrails can provide much-needed clarity in case things go awry. Many divorcees, like MC Lyte, say they provide necessary transparency.
"If you have anything to protect going into a marriage, get a prenuptial agreement so there's no confusion if it comes to an end," the rapper wrote in an Instagram post last month. As a matter of fact, make sure you protect all of your assets with proper insurance, financial and estate planning."
The musician may be in her 50s now, but her advice resonates with the younger generation.