Prenuptial agreements represent proactive steps that many couples face prior to walking down the aisle. Commonly used by soon-to-be spouses with significant assets, it protects their possessions while ensuring a sense of certainty and transparency throughout the marriage.
February is well known for proposals, with close to 40 percent happening between November and the second month of the year, including the most popular day to pop the question: Valentine’s Day.
However, when broaching the subject of prenuptial pacts makes that day the least romantic. That status is appropriate. No matter how much two people are infatuated with each other, marriage, when it comes to the law, is a financial union as much as it is a romantic pairing. One-fourth of marriages end due to economic issues.
Getting married for a second or third time makes prenups even more critical. Statistics show these types of marriages are more likely to end in divorce than first-time spouses. In this demographic, having the conversation sooner rather than later.
When relationships begin when couples are older with established careers, significant assets, and children, prenups are best for establishing separate property, health and long-term care, and retirement plans. The offspring of the couples benefit in that their financial legacy receives the protection it needs.
Where the money goes during the marriage is essential to document as well. Prior marriages may have resulted in child support and spousal maintenance, requiring language in the prenup of where that money comes explicitly from.
Prenups can provide peace of mind and reduce any future legal fees. When it comes to second marriages, knowledge from the first will help minimize mistakes. Help from a skilled family law attorney can provide a path to a more secure future.