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Should You Get a Prenup?

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US News posted an article entitled “For Love or for Money: Should You Get a Prenup?”    According to a survey of approximately 2,300 adults, 15% of divorced Americans regretted not having a prenuptial agreement.  With that being said, US News suggests that individuals that are considering getting married, especially those that are asset-heavy, contemplate entering into a prenup.

 

It is not uncommon for divorced spouses to walk away with large lump sums.  The article mentions Paul McCartney’s divorce, where his former spouse, Heather Mills, was awarded close to 50 million dollars. Michael Jordan’s divorce was another expensive settlement, costing him over 160 million dollars.  US News cautions its readers from falling into a similar, agonizing and extremely expensive situation.

 

If you decide to pursue entering into a prenuptial agreement, open communication with your partner is crucial.  Prenups bring up a variety of sensitive topics, and it is important that you address all your partners concerns.  While this may cause some tension initially, having a valid, executed prenuptial agreement could keep you and your partner financially safe and secure.

 

Prenuptial agreements can cover a variety of different things.  These agreements can determine in the event of divorce, who retains property rights in the home and what each partner’s financial responsibilities are.  Additionally, prenups could contain clauses for infidelity, covering what happens if a partner has proven to be unfaithful and the consequences for those actions.  A prenuptial agreement can also cover issues concerning having children, where the couple plans to live, and other personal rights.

 

There are certain things that a prenuptial agreement does not cover.  They do not cover any provision that s illegal or in violation of a state law or policy.  Additionally, they do not cover undisclosed property, thus it is crucial that both parties disclose all property and assets prior to entering into a marriage, or else those assets will not be covered.

 

While prenuptial agreements can be a controversial topic, the unfortunate reality is that the divorce rate in America is between 40-50%.  It is better to be safe now, than sorry later.

 

If you want to speak to a knowledgeable and experienced attorney on issues like prenuptial agreements or any other family or matrimony related issues, please contact the Law Offices of Jay D. Raxenberg!

(516) 491-0565 or toll-free (888) 543-4867

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