Statistics show that about one in three of all first marriages and an astounding 50 percent of second or third marriages end in divorce. With the divorce rate being so high, it is wise to invest time into the planning of your long term financial future. When you get a divorce, your spouse may be entitled to a percentage of your personal property such as your house, stocks, and retirement income. In order to avoid devastating loss, you should consider getting a prenuptial agreement.
Prenuptial Benefits
With a prenuptial agreement you can:
- protect your separate property
- support your estate plan
- define what property is marital property and separate property
- reduce conflicts and save money if you divorce
- clarify special agreements
- establish procedures and ground rules for deciding future matters
Who Should Consider Getting a Prenuptial Agreement?
You should consider getting a prenuptial agreement if:
- Have assets such as a home, stock or retirement funds
- Own all or part of a business
- You may be receiving an inheritance
- You have children and/or grandchildren from a previous marriage
- One of you is much wealthier than the other
- One of you will be supporting the other through college
- You have loved ones who need to be taken care of, such as elderly parents
- You have or are pursuing a degree or license in a potentially lucrative profession such as medicine, law or finance
- You foresee a large increase in income because your business is growing
If you are considering a prenuptial agreement, you should speak with your spouse first. While prenuptial agreements generally have a negative stigma, you should think of it as a way of communicating and planning out your long term financial situation. Communicating about financial matters in advance may, in fact, strengthen your relationship. It will also build trust and honesty.
After you and your spouse discuss the agreement and reach an accord about what you want the contract to say, you should draw up a list of your assets. Talk about the list before you hire an attorney. Be mindful that any licenses or degrees that you may obtain during the marriage are subject to equitable distribution if you get divorced.
When these steps have been carried out, you should seek professional help from an attorney. It is advisable that you and your spouse have separate attorneys, so that both of your best interests are taken into consideration. At the Law Offices of Brian D. Perskin, we can help you work through the prenuptial agreement process. We will ensure that your property is protected and see that every step is carried out in a comfortable manner for you and your spouse.
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