Asking for a prenuptial agreement may not be the most romantic thing, especially with Valentine’s Day just behind us. That might not be true according to some experts who suggest that sitting down with a soon-to-be spouse and making arrangements for the worst might do a lot to alleviate worries going into marriage.
According to a recent article on Yahoo.com, everyone could benefit from a prenupt, even if you’re not going into marriage wealthy. One divorce attorney pointed out that “You might accumulate assets during the marriage, and even a young couple embarking on their own careers wants to make sure that what they acquire during marriage isn’t just left up to a judge to divide.”
Trying to predict how a court will divide assets is all but impossible and the certainty that a prenup offers is one of its best features. No two divorces are alike and judges might make choices with your assets that you weren’t prepared for. Student loan debts, often viewed as personal might actually be made marital burdens and split between the parties under certain circumstances. By drafting a clear plan outlining how your debts and assets will be divided in the event of divorce couples can shield themselves from some of the uncertainty of a litigious divorce.
The following are a list of four reasons you should consider creating a prenup:
1. Talking about potential problems can shed light on the status of your relationship today.
Many couples today enter marriages on an equal footing. Life and families can change the financial picture with one person staying at home and another continuing in their career. When you ask about the possibility of alimony in the event of divorce many couples are surprised to hear the response of their significant other and shocked that it might not be what they thought. If your husband balks at the idea of paying support then that can play a role in deciding whether or not you’ll continue to work.
2. You can create a post-nup.
While post-nuptial agreements are tricky and can be more difficult to enforce, they can be created if each party brings something to the table. A post-nupt might make sense for instance if one spouse decides to stay home and wants to protect themselves financially.
3. Prenupts cost half as much as the average engagement ring.
A typical prenupt costs around $2,500, close to what it costs to have a lawyer create an estate plan. Do-it-yourself forms from websites (LegalZoom.com) can sometimes be tossed out of due to legal requirements not being met and are not a viable alternative. The average engagement ring costs about $5,200 according to The Knot, putting the cost of a prenup into perspective.
Continue reading →