I know that the phrase “prenuptial agreement” has a negative connotation, but it shouldn’t. We buy life insurance and don’t harp on dying, do we? No, we don’t. We think we are purchasing security and protection for our family in the event that something happens to us. A prenuptial agreement is similar to a life insurance policy, but it triggers in the event of a divorce – the death of a marriage.
The problem is that marriage is a romantic concept and many people do not want to “jinx” the marriage by discussing a prenuptial agreement. The reality is that talking about or agreeing to a prenuptial agreement is not going create a bad omen for your marriage.
In the event that something goes south in your marriage – don’t you want to be protected? I know you don’t want to think about something happening in your marriage. I don’t blame you. I don’t want to think about anything happening in my marriage. But, some marriages don’t last a lifetime and end in divorce.
Divorce is a very stressful and emotional process. If you wound up in this situation, wouldn’t you want the security of knowing that you are keeping the assets that you entered the marriage?
Maybe you have a house with $100,000 in equity or an investment account, you should be able to keep your premarital assets, right? Not necessarily. But your marriage only last a few years, so this is different than a 20 year marriage, right? Once again, the answer is not necessarily. The best way to ensure that your premarital assets are protected is with a prenuptial agreement.
Another benefit to a prenuptial agreement is that you can preclude or limit your potential alimony obligation to your spouse. Alimony is often one of the most contentious issues in a divorce.
These unknowns, and several others, can be addressed in a prenuptial agreement, which is why most often the clients who seek prenuptial agreements are getting married for a second time. They learned their lesson during their first divorce and swear that they will not make the same mistake twice. You don’t have to make the mistake even once. If you are getting married and would like to learn more about the protections that a prenuptial agreement may provide you, please give us a call.