When planning your wedding, you're probably not also anticipating a divorce later down the road. It used to be that celebrities, royalty, and the very wealthy were the only ones who used prenups. More and more frequently, however, it's becoming common to discuss or consider a prenuptial agreement, regardless of one's wealth or socioeconomic status.
According to The Harris Poll, “Of Americans who have been married or are currently engaged, 15% report that they've signed a prenup, up from just 3% in 2010.” Additionally, they found that “ Four in 10 US adults (42%) support the use of prenups, and 35% of those who are unmarried state that they're likely to sign a prenuptial agreement in the future.” In April 2022, the Wealth Advisor cited a 2019 study by the American Academy of Matrimonial Lawyers found that “62% of divorce attorneys…saw an increase in clients requesting a prenup.”
What is a Prenup, and Why Does it Matter?
A prenuptial agreement is a contract that two people enter into before their marriage. Maybe you don't think you need a prenup because you aren't entering the marriage with any assets. The truth, however, is that a prenup can detail numerous things—only one of which is the division of assets. Here are some other items that can be covered in a prenuptial agreement.
- Spousal support (alimony)
- Division of debt (to protect one spouse from the debts of the other)
- Impact death or disability could have on your family finances
- Financial responsibilities if one partner enters the marriage with a child from a previous relationship
- Financial responsibilities if one partner is responsible as a caretaker for an aging parent
- Delineate who's responsible for which financial items, such as who will prepare the tax returns.
Need Help with a Prenuptial Agreement?
If you're preparing for marriage and considering a prenuptial agreement, the Jerkins Family Law lawyers can assist you. Reach out to them online with any of your questions or call them at 919-719-2785.