13 Things You Need To Know About Prenups Before Saying “I DO”
In Western cultures, including the United States, more than 90 percent of people marry before the age of 50. Most of these marriages begin with expectation of a happy life together, maybe having children and building a future. Even though we know a happy home protects children from mental, physical, educational and social problems, the truth is that nearly 50 percent of those marriages will end in divorce.
Too often marriages end in bitter controversy over money and/or child custody rights. Because marriage is a business relationship as well as a romantic relationship, many of the contested battles could have been eliminated if the marriage had started out with a prenuptial agreement in force.
Many couples entering into the starry-eyed bliss of matrimony consider a prenuptial as a symbol of mistrust and forecasted failure even before the marriage begins. In truth, a prenuptial agreement can be an important tool that protects each spouse’s financial and parental interests in order to make the parting more amicable.
Before couples agree to initiating and signing a prenup, they need to understand the pros and cons of such an important and binding agreement.
Pros of Prenuptial Agreements
• If one of the parties has been married before, a premarital agreement can spell out the inheritance rights for any children and grandchildren from the previous marriage.
• For business owners or practicing professionals, a prenup can prevent that business or practice from being divided up with the divorcing spouse.