On behalf of Rebecca H. Fischer of Fischer & Feldman, P.A. posted in Prenuptial Agreements on Thursday, July 16, 2015.
In a previous post, our blog touched on the topic of who needs a prenuptial agreement, briefly explaining that it may be a viable option for those entering a marriage with assets or children from a prior marriage.
While these points are certainly correct, it is perhaps worthwhile to examine this issue of who needs a prenuptial agreement in a bit more detail so that both younger and older couples getting ready to tie the knot can see whether they should add consultations with family law attorneys to their respective to-do lists.
Will you remind me as to why I should even consider executing a prenuptial agreement?
In general, the execution of a prenup solidifies expectations concerning important issues like spousal support and property division, such that a divorce will likely proceed in a much timelier and far less contentious manner.
Furthermore, it establishes a precedent for open and honest communication during the marriage, especially as it relates to financial matters. This is significant, as disagreements over money are frequently identified as one of the leading causes of divorce.
Why would a younger couple want to consider executing a prenup?
A younger couple might want to execute a prenup if they might aspire to buy a home and/or start a family. As for the former point, a prenup will establish ahead of time how ownership of the marital home will be handled, thereby resolving a frequently divisive divorce issue.
As for the latter point, starting a family may mean one parent puts their career on hold to raise children, while the other spouse continues to advance in their chosen field or even go back to school to enhance their earning prospects. Here, a prenup can ensure that the sacrifice made by the spouse to leave the workforce is effectively recognized and shared.
Why would an older couple want to consider executing a prenup?
An older couple might want to execute a prenup due to the simple fact that each of them has accumulated significant assets over the course of their lifetime and want to ensure that they remain in their possession in the event of a divorce, which is relatively common among subsequent marriages.
Similarly, a prenup can protect a spouse from what they view as the suspect borrowing practices of their betrothed, which could also jeopardize these hard-earned assets.
Finally, a prenuptial agreement can also help older couples ensure that their estate planning objectives of leaving their assets to certain family members — especially children from a prior marriage — are not jeopardized by a divorce.
To learn more about whether a prenuptial agreement is a viable option for you, consider speaking with an experienced legal professional who can examine your situation, explain the law and initiate the process.