Should you consider a prenuptial agreement?
The concept of a prenuptial agreement may still make some couples cringe. They may feel as though these agreements are unromantic and they do not want to think about a divorce before they are even married. With nearly 50 percent of all marriages ending in a divorce, however, couples are starting to recognize how beneficial and necessary these contracts can actually be. So, should you consider a prenuptial agreement?
A prenup is not necessarily appropriate for all Orange County couples. Typically, those who are older or have children would want to consider a prenup. Likewise, if a couple has substantial assets or there is a significant disparity of assets between the parties, a prenup can be vital in protecting those assets.
If a couple decides to go ahead with a prenuptial agreement, there are some helpful suggestions in getting it done. People may not know what they should include in the document. While situations vary widely, most couples should consider including plans for how property or debt with be divided if the marriage does not last. They may also include specific language that changes the terms of the agreement if a certain event occurs. For example, if one spouse is unfaithful, the other may receive a larger percentage of the assets.
Couples in California can also specify an expiration date of the agreement. For instance, should the couple be together for 20 years, the terms of the agreement may not longer be relevant.
Future spouses should also know that they need to give themselves plenty of time before a wedding to complete a prenup. In some cases, an agreement can be dismissed if it is signed too closely to the date of the wedding. One suggestion is to complete the prenup before the wedding invitations are mailed out.
While it can certainly be difficult to address the potential end of a marriage before the wedding even takes place, it can save a lot of time and money in the end. Remember, too, that just because a couple has a prenuptial agreement does not mean that they will ever need to enforce it if they enjoy a lifelong marriage.
Source: The Huffington Post, “What You Need To Know About Prenups,” Joseph E. Cordell, April 17, 2012