ENGAGEMENT SEASON IS HERE!
Are you thinking about your dress? flowers? the cake?
What about your prenuptial agreement?
Newly engaged couples everywhere are starting to plan their perfect wedding. Many are focused on sharing the big news with family and friends over the holidays. Others are creating a budget, choosing a date and a wedding planner. Still other couples, more practical and financially focused are thinking about a Prenuptial Agreement. Yes, a Prenuptial Agreement.
With over 35 years of experience as a divorce attorney I know weddings should not be all about the dress, flowers and the cake. For many savvy couples these days, especially millenials careful planning to have the best possible financially protected future together is an important consideration.
Pop culture has often portrayed prenups as a means to protect men, their assets and property from “gold-diggers”. But not anymore…
According to an American Academy of Matrimonial Lawyers study, forty-six percent of lawyers said they saw an increase in the number of women initiating prenuptial agreements. Yahoo News reported that prenups were especially gaining popularity with millennial women. These days many women are earning more than their partners, have previous assets and savings, and have a vested interest in protecting their financial futures.
I tell couples it is important for women as well as men to protect their assets. They should be prepared for a potential divorce rather than letting the courts decide what happens if their marriage fails.
Why should you consider a prenuptial agreement? Let’s take a look.
- It Can Strengthen the Relationship
In order for prenuptial agreements to work, you both have to be completely transparent with one other about your existing financial matters. This means fully disclosing your assets and your debts to one another. Get the difficult conversations out of the way as soon as possible. Trust us, the best time to talk about that maxed out credit card is not after the honeymoon.
- Avoiding Discussions About Financial Matters is a Start on the Wrong Foot
Almost a third of divorces are the result of financial problems. We know you’ve heard this one before, so why not address this in advance? The more communicative you are in planning your future together, the more likely that future will be “till death do us part.” Part of your prenup discussion can include discussions about marital roles and obligations of each partner. There is nothing unromantic about smart planning. Learning about how each partner views money and finance.
- You Acquired Property Before your Current Relationship
One of the things that we have found is that many couples interested in a prenuptial agreement typically have acquired property or a business prior to starting a relationship with their current partner. This is particularly true with people getting married a second time. Oftentimes, a couple may want to keep some of their property separate, especially if they have children from a previous relationship. The idea here is that couples would like to see their separate property, or even a certain percentage of it, used for the benefit of their children in the event of a sudden death or divorce.
- Financial Independence
You’re single, you work hard, and you’re probably used to managing your finances. However, during the course of a marriage, you are likely to share certain financial responsibilities together. If maintaining a certain level of financial independence is important to you, a prenup can help set those parameters for you. One way to do that is to outline your obligations to each other and define where the lines are in terms of maintaining your own earnings. You don’t need surprises about finance after your marriage.
- Divorce is Very Expensive
Divorces are quite pricey and while we know that nothing can be further from your mind, the reality is that about 50% of marriages in the U.S. end up this way. Think of your prenuptial agreement as something of an “insurance policy” that will save you both a lot of pain and money by predetermining who gets what at a time when you are not angry at one other.
If you are planning that spectacular wedding and want to plan for a safe financial future as well, call me. I will help you craft a prenuptial agreement that will satisfy your needs.
As a prenuptial agreement expert, with over 35 years’ experience in developing solid prenuptial agreements I will help protect you should your marriage end in divorce. 212.734.1551
Warm wedding wishes,
Lois