The Business Side of Marriage: Is a Prenuptial Agreement Right for You?
When a couple gets engaged, it is a time to celebrate and eventually begin planning for the big walk down the aisle. This can include decisions on where the wedding will be held, what flowers to display, the kind of cake that will be eaten and … whether or not to get a prenuptial agreement? Though discussing a prenuptial agreement, also known as a premarital agreement or prenup, seems very unromantic and can make a partner feel like the other thinks the relationship will end, having one drafted may actually be quite sensible and is growing in popularity.
A recent poll indicates that three-quarters of divorce lawyers reported an increase in prenuptial agreements over the last five years, according to Theindychannel.com. With an estimated 40 percent of marriages ending in divorce in the U.S., discussing this option with your future spouse may help avoid a great deal of stress in the future.
A prenup is basically a contract entered into before marriage that includes provisions for specific things in the event of death or a divorce. Examples of provisions include: division of property, spousal support, guardianship, and terms for asset forfeitures in case of adultery. A prenup isn’t necessarily right for everyone, but in certain instances it can be invaluable in the unfortunate event that a marriage ends. If one of the parties getting married has substantial assets, a prenup may be a very reasonable thing to have drawn up. Also, if a member of the engaged pair has children from a previous marriage, getting a prenup created may be wise as it can ease tension between the new spouse and the person’s children. An instance where a prenup may not be needed is if a couple is entering their first marriage in their 20s, and likely may not have a great deal of assets or issues to sort out from previous relationships.
Preparing a prenuptial agreement with a divorce lawyer has a number of advantages and allows couples to decide on various things, such as paying bills and beneficiary designations, together with a neutral party there for assistance. Divorce can be very complicated, so discussing this issue with your spouse and deciding whether or not it is the right decision for you as a couple can save a lot of trouble if the union ends later. Sheryl R. Rentz is an experienced Pennsylvania pre-marital agreement lawyer who can assist couples in deciding if a prenup is an appropriate option for them. Please call (610) 645-0100 for a consultation.