On behalf of Rebecca H. Fischer of Fischer & Feldman, P.A. posted in Prenuptial Agreements on Friday, November 20, 2015.
Getting married is one of the highlights of your life. The man or woman you love has said yes and you are over the moon happy. One thing that may come up is what to do about a prenuptial agreement. In the past, only the rich and famous needed prenuptial agreements because their marriages were often seen as tenuous and they had a lot to protect. Now, lots of people who are in the middle class are getting “prenups” too because it helps them plan for the future.
Research done in 2015 shows that lawyers are writing and having these agreements executed more often than ever before.
A prenuptial agreement is simply a contract that you and your soon-to-be spouse sign that assigns and protects both of you by spelling out exactly what is to happen should the marriage end. If you haven’t had a discussion with your partner, now is the time to talk finances. A prenup can have the effect of ruining a relationship if it comes as a surprise to either party. Communication needs to be open and honest as early as possible.
A prenuptial agreement helps protect assets in case of a split or even a death. What will happen to the family home and all the property in it if your spouse passes away? A prenup can spell this out. For instance, if you have children by a previous marriage, you may want to put in the agreement what they are entitled to if a divorce occurs or if you die.
Many times, it is out of love for the other person that a prenuptial agreement is even mentioned. It can include such things as a social media section and even what happens to the debt that both of you incurred during the marriage. These are all positive things that come out of putting this agreement in place.