More couples elect to enter into premarital agreements before getting married than ever before. So, what is driving this increase? Law Offices of William L. Geary will help explain the reasons why premarital agreements have become more common in recent years. We will also briefly explain what premarital agreements are and why they might be a good choice for you and your fiancé!
What Are Premarital Agreements?
As the divorce rate in the United States has remained steady over the past few years, at around 50%, couples are increasingly looking for ways to protect themselves financially if their marriage does not work out. Premarital agreements allow couples to do just that - they provide a way for couples to safeguard their assets and property in the event of a divorce.
While premarital agreements were once thought of as something only the wealthy entered into, that is no longer the case. Premarital agreements are now being used by couples of all backgrounds and income levels to protect themselves financially.
A couple might decide to enter into a premarital agreement for a multitude of reasons. It may be a way to protect assets that they bring into the marriage for some. For others, it provides a method to keep their finances separate in the event of a divorce. And for others still, it is an option to ensure that their children from previous relationships are taken care of financially.
Why An Increase?
In a more recent survey by the American Academy of Matrimonial Lawyers, 62% of attorneys reported witnessing an increase in couples requesting assistance with premarital agreements. So, why are premarital agreements becoming more common? There are a few reasons:
First and foremost, couples are getting married later in life. This means they often have more assets (and liabilities) coming into the marriage than they would have if they had gotten married earlier and they may have children, from a prior relationship to take care of later. With more at stake, it makes sense to protect those assets and provide for those children in case of divorce.
Litigation Is Common
Secondly, our society has become increasingly litigious. This means that people are more likely to sue each other over things like property division and spousal support after a divorce. By having a premarital agreement in place, couples can agree ahead of time on how these things will be handled in the event of a divorce.
Peace Of Mind
Finally, many couples simply want the peace of mind that comes with having a premarital agreement. Knowing that you have an agreement in place can help reduce stress and anxiety about what might happen if your marriage doesn't work out.
Divorce used to be a taboo topic for many. In fact, many older generations would rather stay together unhappy than file for a divorce. However, conversations surrounding separation and related processes are now more common and less frowned upon than before.
It is also a common assumption that a premarital agreement signals the inevitable end of a marriage. However, this misconception is based on false information. Prenups can actually strengthen a marriage by giving a couple the chance to get on the same page and have meaningful conversations. They may also provide enforceable provisions in the event that one of the spouses passes away.
Find An Attorney For Assistance
No matter your reason for considering a premarital agreement, it is important to speak with an experienced attorney who can explain the pros and cons of this type of agreement. Premarital agreements are not suitable for every couple, but they may be a good option for you and your fiance. Law Offices of William L. Geary would be happy to answer any of your questions and help you determine if a premarital agreement is right for you.
If you have any questions about premarital agreements, or if you would like to learn more about them, contact Law Offices of William L. Geary today at (614) 289-1227 to speak with our attorneys.