Most people walk down the aisle, hoping they’ve found their soulmate. They want a partner to grow old with, who will love them through sickness and health. However, while that might sound wonderful, things don’t always turn out the way you planned.
Most people perpetuate the myth that divorce is rising in the USA. However, research shows this isn’t true. According to survey data from the Census Bureau, only 14.9 out of 1000 marriages ended in divorce. The figures show this is the lowest divorce rate the USA has seen in the last fifty years. In addition, Census data also shows the duration of marriages in the US has increased in the past decade.
Many would expect that the pandemic exacerbated problems between couples, leading to higher divorce rates. However, that’s not true. Surveys show the pandemic has brought couples closer, resulting in fewer divorces.
However, just because divorce rates are declining doesn’t mean they aren’t happening. All of this leads us to the question, is getting a pre-nuptial agreement worth it?
What is a Prenup?
A pre-nuptial agreement is a written contract between an engaged couple, stipulating each spouse’s rights to premarital and marital assets and debts. It helps couples prepare for life after the union ends – either through divorce or death.
Why Get a Prenup?
Many consider pre-nuptial agreements a wise investment. Here are some reasons to consider getting a pre-nuptial agreement:
Protect the Financial and Inheritance Rights of Your Children
If you have children from a previous marriage, consider getting a pre-nuptial agreement. The agreement can serve as a legal document to protect their financial and inheritance rights from your new union.
Protect Your Business
Let’s assume you’re the owner of a successful business. It’s a medium-sized enterprise with over a hundred employees. All seems to be going well in your private and professional life. Suddenly, you and your spouse hit a rocky patch. Eventually, you find yourself in a contentious divorce. While your assets, properties, and income are up for grabs, so is your business. Unless you’re content with giving away control of half your business, you’ll want to protect it. A pre-nuptial agreement will protect your business from divorce.
Protect Yourself from Debt
It’s a fallacy to assume couples have similar financial backgrounds when marrying. It’s not uncommon for one partner to be significantly stronger financially than their spouse. In such instances, you want to protect your net worth. In addition, you also don’t want to get entangled in your partner’s financial problems. For instance, if your intended spouse has accrued significant debt, you don’t want it passing onto you. Signing a pre-nuptial agreement can shield you from bearing the burden of your spouse’s financial destitution.
Protect Yourself from Unfair Wealth Allocation
As stated above, couples don’t always have a similar financial background when marrying. In such cases, you’ll want to prevent unfair wealth allocation from courts if you ever divorce. You’ll want to ensure that you maintain your financial status after divorce. A pre-nuptial agreement can protect your wealth.
Discussing pre-nuptial agreements force couples to have challenging conversations about their future and financial security. Ideally, you’ll manage to hash out all the contentious points before marriage. In addition, when you sign a pre-nuptial agreement, both you and your partner agree to the conditions present in it. Hence, a pre-nuptial agreement eliminates possible spousal arguments.
Seek Legal Counsel from an Experienced Family Lawyer
Are you seeking an attorney near you? The Vargas Law Office is home to attorney Ronnie Vargas. Ronnie Vargas is one of the most experienced family lawyers in Wisconsin. Attorney Vargas has been practicing law since 1996. He has helped thousands of clients with their family law proceedings. In addition, he’s also a qualified business lawyer and criminal lawyer.