Prenups are NOT Just for the Wealthy
One of the biggest misconceptions about prenuptial agreements is that they are just for the wealthy. This misperception is understandable based on news media coverage of some of the Hollywood-style divorces. Even recent breakups of some of the world’s wealthiest people have put the focus on prenup agreements for the rich. But there is a growing realization for more and more couples that prenups are a logical, practical, and wise step to take in almost any marriage. Here’s why.
Weddings are Expensive
Weddings are expensive, even for those of modest means. But if you think weddings are expensive, you likely haven’t experienced a divorce. Couples may spend months or longer and thousands of dollars planning a marriage, but they may not give a prenup much consideration.
It Is Not Just About Wealth
Most may feel a prenup just protects wealth. It also can protect assets like real estate, retirement funds, and even anticipated inheritances. Perhaps just as important is that a prenup can address debts, both current and future.
Stay at Home Partners
Prenups can be crucial in protecting the interests of a stay-at-home parent or partner, whose contributions to a couple or family may be underappreciated. A prenup can help protect the financial interests and future security of a stay-at-home partner.
A prenup agreement can address the concerns of a couple who owns a business together, or one if only one spouse is involved in the enterprise. The business may be small, but future growth can also be addressed. A prenup can even value the business before a marriage and split proceeds as it grows. This is where an experienced legal representative in prenups can be a great value.
If one partner or another owns a property prior to marriage, ownership of that property can be isolated if that is what is agreed upon. How the increasing value of the property is treated in a divorce can be addressed at the outset.
Those Who Cohabitate
If you are in a long-term relationship while sharing a household, you could face some of the same financial issues that married couples face when breaking up. A carefully crafted prenup can lay out a clearer path should separation occur.
A Prenup is Not About Love or Trust
More and more couples are getting past the “Don’t you love or trust me?” aspects of discussing prenups. They recognize that about half of all marriages end in divorce, and the odds actually increase in second and third marriages. A prenup agreement can be a common-sense approach to avoiding future ugliness. Many couples already maintain separate checking accounts and split monthly payments. Many already understand the importance of discussing finances prior to marriage. A prenup can be a next logical step.
While people of means should certainly consider a prenup, they are no longer just for the wealthy. They have become an accepted part of the mainstream marriage process.
If you are considering getting married or cohabitating with someone, it may be time to discuss your situation with an attorney experienced in such matters. We encourage you to reach out to us.
If you have questions about a prenup agreement or a postnup agreement or require legal assistance in other areas of Family Law you may always contact Damien McKinney of The McKinney Law Group to discuss your case further. He can be reached by phone at 813-428-3400 or by e-mail at [email protected].
We now offer virtual prenuptial agreements. Contact us to inquire further about our virtual prenup option.