While those marrying for the first time may consider prenuptial agreements to be unromantic or even pessimistic, those marrying again can find a prenup to be a practical solution to settle any potential problems before the wedding.
Actually, prenuptial agreements are intended to make a marriage work more smoothly. Since around half of first marriages and over 60 percent of second marriages end in divorce, having a prenup can help make the financial complications of divorce a little less painful.
There are 7 good reasons why professional women who are about to wed should consider getting a prenup:
- If significant assets are involved.
- If there are children from previous marriages.
- If one spouse owns all or part of a business.
- If one spouse is considerably wealthier than the other.
- If one spouse is much older, since the older spouse may not be able to recover to provide for retirement if assets are divided equally in the event of a divorce.
- If one spouse will be supporting the other while he or she pursues a degree.
- If a significant inheritance is expected.
Today, prenuptial agreements can include not only who gets what in case of divorce, but also who’s responsible for what during the marriage. Some agreements specify the household duties and financial obligations of each spouse, as well as whether there will be children and how they will be raised.
While couples enter into prenuptial agreements in the hopes that they have solved all challenges before they even arise, that is not necessarily the case. In a study of members of the American Academy of Matrimonial Lawyers, 44% of respondents say they’ve seen an increase in prenup challenges.
Prenuptial agreements can be set aside for a number of reasons, including:
- If it was signed under duress. Prenups should be finalized at least a month prior to the ceremony. Springing it on your soon-to-be-spouse is no way to start a marriage – and a sure way to have it set aside.
- If one spouse did not have legal representation. Each spouse needs to have their own attorney participate in drawing up their prenuptial agreement.
- If one spouse misrepresents or hides assets or liabilities.
- If one spouse signed the prenup under the influence of alcohol or drugs, or was mentally incompetent.
- If the prenup places limitations on child support or custody rights.
- If the prenup omits any possible spousal support. Most challenges to prenups involve spousal support, usually because the couple accumulated more assets during the marriage and the prenup does not account for those assets.
Updating your prenup with a postnuptial agreement may help your agreement survive a challenge in case of a divorce in the future.
Protecting your interests and achieving results that support your needs is what you can expect from Cistaro Law. Contact us today for your free consultation.
