Should I Get a Prenup?March 15, 2018
Nuptial agreements have actually been around for thousands of years, and were necessary for women in the U.S.A. before the Married Women’s Property Act (MWPA) of 1848 – as they ensured women didn’t end up homeless and broke with children in the event of their husbands’ deaths.
A prenuptial marriage agreement, also called premarital marriage agreement or “prenup”, has become a common legal step taken before marriage. It is a contract that clearly states how a couple will handle the financial aspects of their marriage, and determines the property and financial rights of each partner in the event of a divorce.
Do prenuptial agreements put a damper on romance, or – does it present a practical solution to dealing with the challenging topic of finances in a marriage?
While not very romantic, a prenup doesn’t automatically suggest that a couple who is getting married is anticipating a divorce – rather, it puts financial expectations out on the table before their wedding. Having an open and honest financial discussion can be a very positive and beneficial experience, and more and more couples are deciding to sign prenups before they walk down the aisle. Also, the purpose of a prenuptial agreement is to set forth and protect certain assets in the event of a death.
We put together some common examples of when a prenup is strongly encouraged:
- You own your own business
- You are bringing significant financial assets to the marriage
- You have substantially more income than your future spouse
- You have substantially less income than your future spouse
- You want to establish a firm foundation for an estate plan
- You want to protect a gift or inheritance
- This is your second or third marriage
- You have children from a previous marriage(s)
If any of the above situations apply to you or your future spouse, entering into a prenuptial agreement may not only be beneficial – it may be crucial. Prenups can sustain family ties and inheritance and protect personal and business assets accumulated before the marriage.
Important aspects of a good prenuptial agreement are:
- It should be a true arms-length transaction
- Both parties should be represented and consenting
- There should be a full disclosure of assets and liabilities going into the marriage
- It should be fair when it’s signed and entered into, as well as when it’s enforced, whether it’s due to a divorce or death.
Although no one thinks they’ll get a divorce as they’re getting married, the unfortunate truth is that about half of all marriages in the country end up in divorce proceedings – making it prudent and wise to at least consider a prenuptial agreement.
At the Levin Law Group, our caring and reliable attorneys will assist you in advising and preparing a wide range of legal documents, including drafting, negotiating and finalizing prenuptial agreements.
We invite you to get in touch with us so we can help you take steps to ensure your wishes, interests and assets are protected – contact Levin Law Group for a free consultation today.This entry was posted in Blog. Bookmark the permalink.← What Do I Need to Know Before Opening a Business?The Levin Law Group Announces New Service, Elder Law →