In a 2013 survey of 1,600 members of the American Academy of Matrimonial Lawyers, 63% of those polled reported that they saw an increase in prenups drafted over the three preceding years. While not the most romantic pre-marital topics, it seems to be becoming an increasingly necessary one.
If you are engaged and thinking about a prenuptial agreement (or a prenup as they are commonly called), take a look below at some of the pros and cons. Then, decide if this is something you want to pursue.
- Protects any assets that you brought to the marriage (pre-marital assets) from being divided in the event of divorce.
- Can establish or eliminate alimony or spousal support ahead of time
- Helps determine how things will be split without having to go to court. (The percentage can be determined when you have a level head, not when you are emotionally charged)
- Allows both parties to know completely where they each stand financially
- Forces a pre-martial financial converstation
- Can be considered unromantic
- Can create an unequal fiancial playing field
- Can be more complicated than necessary (some couples who want to exclude an inheritance end up not only addressing that issue but other issues that they did not intend to outline_
- The document may not be as well drafted or clear as the laws of your state which can be better equipped to handle the division of assets/debts.
- Cannot predict the future
If you are debating whether or not you want a prenuptial agreement or prenup, but cannot seem to decide if it is right for you, contact Schimmel Family Law. Our attorneys can help walk you through the process.