Wedding season is in full bloom. I have been getting lots of phone calls
from hopeful lovebirds asking all kinds of questions about prenuptial
agreements.
From what I’m hearing as a prenuptial agreement maven, divorce attorney,
and mediator, couples aren’t letting a global pandemic stop them
from getting married or having a prenuptial agreement drafted.
Since there is so much interest in prenuptial agreements, I thought I would
share some important reasons to consider one!
1. 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
me, the best time to talk about that maxed out credit card is not after
the honeymoon.
2. 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?
If a partner refuses to disclose anything at all about assets or income
that is a big red flag! Beware!
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 prenuptial discussion will include discussions about marital roles
and obligations of each partner. There is nothing unromantic about smart planning.
3. You Acquired Property Before Your Current Relationship
One of the things that I have found is that many couples interested in
a prenuptial agreement typically have acquired property prior to starting
a relationship with their current partner. This is particularly true with
people getting married a second time. Often, 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.
4. Divorce Is Very Expensive
Divorces are quite pricey (except if you mediate) 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.
5. Assurance for Your Children
Second and third marriages are increasingly an increasingly common occurrence
in the U.S. In some cases, children may feel their new step-parent will
not honor the same inheritance wishes of their biological parent. A prenuptial
agreement sets clear guidelines regarding what a spouse is entitled to,
while ensuring your children’s peace of mind that they will be taken care of.
6.) 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 prenuptial
agreement 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.
7.) Protection from Creditors
Maybe your partner attempts a business that ultimately fails, or maybe
your partner brings a lot of debt to the relationship. Things happen!
A prenuptial agreement can often protect your finances from creditors.
This allows one partner to step up and help maintain your relationship
while the other bounces back.
8. Planning Your Life in Advance
There is nothing wrong with that. By outlining specifics about your future
together, a prenuptial agreement gives you a roadmap to keep you both
on track. It also brings the tough decisions to the forefront of your
relationship.
9. Keeping a Business on Track
Do you have a business partner or some other significant business interest?
A prenuptial agreement can help keep that business intact in the event
of an untimely death. That does not mean that your spouse cannot or should
not benefit from your hard work, but your agreement will help clarify
issues surrounding ownership of the business.
10. Spousal Support
You could end up living a long time, but only be married for a number of
years. Should your relationship end in divorce, you want to be financially
protected.
With over 35 years of experience developing prenuptial agreements, I can
draft a prenuptial agreement to help prepare and protect you and your
spouse for hopefully a lifetime of happiness.
Call me if you have any questions about your prenuptial agreement.
All our
FREE 1 Hour Consultations are conveniently conducted virtually to reduce risk.
I look forward to hearing all about your wedding plans and guiding you
on all the “do’s and dont’s” of a prenuptial agreement.
Stay healthy and safe!
Warm wedding wishes,
Lois
Call New York Divorce Lawyer/Mediator, and prenuptial agreement specialist
Lois Brenner now to book your free consultation. 212.734.1551
Even if your wedding is around the corner, Lois Brenner can quickly draft
or review your prenuptial agreement just in time for you to walk down
the aisle!