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2022: The Year When Prenuptial Agreements are for Everyone

On Behalf of | Apr 5, 2022 | Prenuptial Agreements

You might be thinking, I have no money and no assets, therefore, I do not need a Prenuptial Agreement when I get married. Wrong. When most people think about creating a Prenuptial Agreement, they often believe they are bringing a substantial amount of wealth and assets into the marriage and they want that protected in the event of a divorce. This is true. However, nowadays, Prenuptial Agreements are for everyone. They are tools for you to clarify your finances and open up the chains of communication before your wedding.

62% of Family Law Attorneys said they saw an increase in clients requesting a prenup, with a significant uptick in millennials signing them, according to a 2019 study by the American Academy of Matrimonial Lawyers.

What is a Prenuptial Agreement?

A Prenuptial Agreement outlines certain property rights and financial assets that each person holds before they marry, and lays out how those assets are to be divided in the event of a divorce. Further, if the parties anticipate on acquiring joint assets during the marriage, the Prenuptial Agreement can set forth how the parties want to handle those jointly acquired assets in the event of a divorce. In a dissolution proceeding, the contents of the Prenuptial Agreement will supersede the divorce laws.

Further, Prenuptial Agreements only cover financial assets, property and spousal support. Child custody and child support are not included in prenuptial agreements.

Prenuptial Agreements are not only for the wealthy

While wealthy people want to protect their assets and finances prior to entering a marriage, people who anticipate on accumulating assets or substantial wealth during the marriage may want to consider a Prenuptial Agreement. For example, if you are a medical student, an engineer or law student and you anticipate your net worth to exponentially increase when you get married, you ought to consider getting a Prenuptial Agreement in place. Also, if you anticipate on getting an inheritance in the near future, have that Prenuptial Agreement in place. You do not want to lose your share of your assets when you get married and end up divorced. You also want to outline how you would handle spousal support or alimony in the event of a divorce.

When Should you Bring Up the Topic of Prenuptial Agreements?

While its not an easy subject to bring up to your fiancé, we recommend brining up the subject very early on in the relationship. Perhaps even before you get engaged, therefore, all parties are adequately prepared. It is not like you intend to get a divorce, but you are preparing yourself for the worst possible scenario should a divorce occur. Moreover, it is so important to have open and honest conversations about divorce and protecting your assets. A Prenuptial Agreement can help facilitate uncomfortable discussions about money and splitting assets