In the last post, our blog started discussing how more and more betrothed couples are making the decision to execute prenuptial agreements, which we described as legally binding documents setting forth what each side can expect to receive — or not receive — in the event of a divorce.
In today’s post, we’ll continue providing some important background information on prenuptial agreements in an attempt to help provide some clarity to brides- and grooms-to-be.
What are some of the advantages of executing a prenuptial agreement?
While a breakdown of all the advantages of executing a prenuptial agreement is beyond the scope of a single blog post, some of the more notable benefits include:
- Protecting assets and income acquired during the marriage.
- Protecting any increase in the value of property acquired before the marriage.
- Setting expectations for alimony, property division and other divorce-related issues.
- Avoiding costly, time-consuming and emotionally draining divorce litigation.
- Preserving relationships, especially if children are involved.
What are some of the disadvantages of executing a prenuptial agreement?
Critics argue that the execution of a prenuptial agreement can actually serve to undermine a marriage, as the spouses may become suspicious of one another’s motives or even start harboring unspoken feelings of resentment.
Indeed, these critics argue that prenuptial agreements sometimes aren’t even necessary for couples, as the divorce laws in their home state may actually provide better protection of their respective interests.
Are more people really executing prenuptial agreements?
It appears as if more people are indeed making the decision to execute a prenuptial agreement.
Consider a 2013 survey conducted by the American Academy of Matrimonial Lawyers asking 1,600 members whether they had seen an uptick in the number of prenuptial agreements over the preceding three years. Here, a shocking 63 percent of respondents indicated that they had seen such an increase.
To learn more about whether a prenuptial agreement is right for you or other important family law matters, consider speaking with a dedicated legal professional.