Most people in Minnesota, and across the nation for that matter, are turned off by the idea of prenuptial agreements because they foreshadow divorce which is not something people typically think about right before they're about to get married. It's because of this negative connotation that prenuptial agreements are avoided even though they could prove incredibly useful for some couples.
What the specific terms are of a prenuptial agreement can impact many things.
In our last blog post, we discussed how a prenuptial agreement can be used to help protect financial interests an individual brings to a marriage or inherits during a marriage in the event he or she subsequently divorces.
In our last post, we discussed some of the reasons behind an apparent national increase in the number of couples opting to complete prenuptial agreements prior to tying the knot. In this post, we'll discuss some of the things that a prenuptial can and cannot be used to accomplish as well as actions that may lead to a prenup being deemed invalid.
Many married couples argue over money. A couple may struggle with debt, one spouse may disapprove of the other's spending habits or spouses may argue over how to invest their assets. Regardless of the actual argument, when money is involved, things can grow heated quickly.
Drafting and executing a prenuptial agreement prior to marrying can immensely benefit both an individual and couple down the road. The process of drafting a prenuptial agreement can serve to bring a couple who plans to marry closer as they go through the process and openly discuss their life and financial realities, fears and goals. Having such a legal document also aids a divorcing couple in expediting the division of assets, saving both spouses time and hassle.
Every divorce has the potential to become drawn-out and contentious. In divorces involving individuals and couples of considerable means, the likelihood of a divorce becoming a bitter dispute often increases. With often millions of assets at stake, high asset divorcees have a lot to potentially gain or lose in a divorce settlement.
In our last blog post we began discussing some of the reasons why a couple may choose to draft a prenuptial agreement. We also discussed benefits of a prenup from both a financial and interpersonal stance. Once a couple has agreed to draft a prenuptial agreement, it's important to ensure the document contains terms that are agreeable to both parties and that, if necessary, will hold up in court.
Honesty is perhaps the most important aspect in any relationship. This is especially true when it comes to marriage as unions between couples who aren't able to openly and honestly discuss their thoughts, hopes, fears and concerns; often end in divorce.
According to a recent report by National Public Radio, divorce rates among individuals over the age of 50 have dramatically increased in recent decades. In fact today a man or woman who is age 50 or older is two times as likely to divorce as his or her counterpart 20 years ago. There are many factors contributing to the so-called gray divorce phenomenon including longer life expectancies and the fact that more women work and have financial independence.