Divorce attorneys agree and the statistics say that after a marriage of 10 years, the probability of a first marriage ending is 33%. Between human relationships, law, planning, and the unpredictability of the future, setting up a legally binding agreement between two people getting married is prudent.
A prenuptial agreement is an excellent way for both parties in a marriage to map out the future of their assets as they grow together while also considering the possibilities of divorce and death. Prenups carry a certain amount of social stigma and negative connotation, but it is important to go beyond the social discomforts caused by premarital agreements and look toward a plan that’s beneficial to your spouse and you.
Unpacking prenups
- What is a prenup? A prenuptial agreement is a lawful contract agreed upon by both people planning to get married. Simply put, it is the way a couple plans to break their assets down per party in the case of a marriage ending, whether by divorce or death. The exact characteristics are variable per couple, but the main gist is an asset-driven breakdown of who gets what if the marriage ends.
- When should it be done? People are apprehensive to talk to their partner about prenuptial agreements because of the attached social stigma. It’s not about doubting love or predetermination of marital failure. It’s a way to map out your financial future together, taking all variables into account, including the ones that we prefer to put out of mind. Legal help in this regard will allow your attorney to mitigate the difficult legalese and guide you toward a plan that best fits your relationship with your future spouse. It is best to plan a prenuptial agreement well before being married. The subject is not easy and combining that stress with the additional stress of marriage planning is a lot for one couple to have on their plate at the same time.
- Why consider one? Regardless, a marriage has a built-in prenuptial agreement called state law. Certain states have laws that apply to couples who are married, which is a sort of automatic prenuptial agreement. However, down the line, this can potentially become a complex legal issue in the case of divorce or early death. Most people do not study state laws that apply to their marriage and the division of assets. More and more married couples are opting to draft a prenuptial agreement themselves so the state cannot dictate the division of their assets and the couple has full control over how the cookie crumbles if it is to crumble.
Having an open, honest conversation with your spouse-to-be and attorneys should be at the forefront of your marriage preparation checklist. Do not allow the preconceptions associated with a prenuptial agreement stop you and your partner from planning your futures wisely.