Marriage and Divorce: The Importance of a Prenup

Marriage is meant to be a lifelong commitment, but for some couples, divorce becomes a reality. In 2019, the divorce rate was still around 15%. To protect yourself and your assets in case the unexpected happens, consider discussing a prenuptial agreement with your partner.

What Exactly is a Prenup?

A prenup, short for "prenuptial agreement," is a legal contract signed by a couple before marriage. It outlines the terms and conditions regarding asset and income division in case of divorce or even death. Contrary to popular belief, prenups are not only for the wealthy; anyone can benefit from having a prenuptial agreement in place. It's a way to ensure protection in case of a divorce, rather than expecting it to happen.

How Does a Prenup Function?

Each state has its own rules and procedures regarding prenups. These agreements can cover various aspects such as alimony, assets from previous relationships, property division, estate plans, pets, business ownership, and debt responsibility. Child support is not determined in prenups and must be handled separately through the courts. It's advisable to seek legal advice from a matrimonial lawyer in your state when considering a prenuptial agreement.

Costs can vary depending on your location, needs, and the lawyer you hire. The complexity of your requests will also affect the time it takes to draft the agreement. More detailed requests might take weeks or even months to finalize, leading to higher costs as attorneys typically charge by the hour.

Why Should You Consider a Prenup?

Financial transparency, preparation for future uncertainties, asset protection, and the ability to make amendments are some of the advantages of having a prenuptial agreement. It allows couples to have open discussions about finances, prepares them for the possibility of divorce, safeguards assets, and offers flexibility for changes in the agreement.

Who Can Benefit From a Prenup?

While prenups may not be suitable for everyone, they are particularly beneficial for individuals with businesses, children from previous relationships, valuable assets, or those looking to have control over their financial future. If you fall into any of these categories, a prenuptial agreement could provide you with peace of mind and legal protection.