ENGAGEMENT SEASON IS HERE!
Are you thinking about your dress? flowers? the cake?
What about your prenuptial agreement?
Newly engaged couples everywhere are starting to plan their perfect wedding.
Many are focused on sharing the big news with family and friends over
the holidays. Others are creating a budget, choosing a date and a wedding
planner. Still other couples, more practical and financially focused are
thinking about a Prenuptial Agreement. Yes, a Prenuptial Agreement.
With over 35 years of experience as a divorce attorney I know weddings
should not be all about the dress, flowers and the cake. For many savvy
couples these days, especially millenials careful planning to have the
best possible financially protected future together is an important consideration.
Pop culture has often portrayed prenups as a means to protect men, their
assets and property from “gold-diggers”.
But not anymore…
According to an
American Academy of Matrimonial Lawyers study, forty-six percent of lawyers said they saw an increase in the number
of women initiating prenuptial agreements.
Yahoo News reported that prenups were especially gaining popularity with millennial
women. These days many women are earning more than their partners, have
previous assets and savings, and have a vested interest in protecting
their financial futures.
I tell couples it is important for women as well as men to protect their
assets. They should be prepared for a potential divorce rather than letting
the courts decide what happens if their marriage fails.
Why should you consider a prenuptial agreement?
Let’s take a look.
- It Can Strengthen the Relationship
In order for prenuptial agreements to work, you both have to be completely
transparent with one other about your existing financial matters. This
means fully disclosing your assets and your debts to one another. Get
the difficult conversations out of the way as soon as possible. Trust
us, the best time to talk about that maxed out credit card is not after
the honeymoon.
- Avoiding Discussions About Financial Matters is a Start on the Wrong Foot
Almost a third of divorces are the result of financial problems. We know
you’ve heard this one before, so why not address this in advance?
The more communicative you are in planning your future together, the more
likely that future will be “till death do us part.” Part of
your prenup discussion can include discussions about marital roles and
obligations of each partner. There is nothing unromantic about smart planning.
Learning about how each partner views money and finance.
- You Acquired Property Before your Current Relationship
One of the things that we have found is that many couples interested in
a prenuptial agreement typically have acquired property or a business
prior to starting a relationship with their current partner. This is particularly
true with people getting married a second time. Oftentimes, a couple may
want to keep some of their property separate, especially if they have
children from a previous relationship. The idea here is that couples would
like to see their separate property, or even a certain percentage of it,
used for the benefit of their children in the event of a sudden death
or divorce.
- Financial Independence
You’re single, you work hard, and you’re probably used to managing
your finances. However, during the course of a marriage, you are likely
to share certain financial responsibilities together. If maintaining a
certain level of financial independence is important to you, a prenup
can help set those parameters for you. One way to do that is to outline
your obligations to each other and define where the lines are in terms
of maintaining your own earnings. You don’t need surprises about
finance after your marriage.
- Divorce is Very Expensive
Divorces are quite pricey and while we know that nothing can be further
from your mind, the reality is that about 50% of marriages in the U.S.
end up this way. Think of your prenuptial agreement as something of an
“insurance policy” that will save you both a lot of pain and
money by predetermining who gets what at a time when you are not angry
at one other.
If you are planning that spectacular wedding and want to plan for a safe
financial future as well, call me. I will help you craft a prenuptial
agreement that will satisfy your needs.
As a prenuptial agreement expert, with over 35 years’ experience
in developing solid prenuptial agreements I will help protect you should
your marriage end in divorce. 212.734.1551
Warm wedding wishes,
Lois