Is A Prenup Right For You?

Although many people have preconceived notions regarding prenuptial agreements, a prenuptial agreement is simply an addendum to a basic marriage contract that can be designed to benefit both parties in case of divorce. 

Generally, a prenuptial agreement is a contract that clearly defines the division of assets should the marriage end in divorce.  Some agreements also address estate planning issues, alimony, and asset management during the marriage and responsibility for debt. 

According to statistics from Divorce Magazine, the United States boasts a divorce rate of 49% and the financial implications of divorce are becoming increasingly complicated.  Since more people are marrying later in life, many of these people have had time to build their lives and accumulate assets before they decide to marry.  Thus, practicalities of modern life have made prenuptial agreements more acceptable.  The agreements can help define financial issues and help alleviate conflict. 

When it comes to deciding whether a prenuptial agreement is right for your relationship, it is important to set aside the emotional aspects of the issue and look at it from an objective standpoint.  Acquaint yourself with the pertinent divorce laws and make sure you understand their repercussions before you sign.

See Lisa Smith, Marriage, Divorce, and the Dotted Line, Investopedia.    

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.