Question for Attorney Carbone: Is a Prenuptial Agreement Necessary?
Question: I just got engaged to the love of my life. We plan on getting married in three months. This is her first marriage and my second. My parents are worried because I’ve only known my future wife for a short time. I know they are just hoping that what happened the first time around doesn’t happen again. They say I should have her sign a prenup. But is that really necessary?
Answer: Congratulations on your upcoming nuptials! We hope you have a wonderful life together.
When you’re starting a new adventure with someone, you may not want to think of the worst case scenario. But unfortunately, the odds are against you. According to the American Psychological Association, about 40 to 50 percent of married couples in the United States will divorce. And the more times you marry, the more likely it is that you will divorce.
This may be the reason why more and more couples are using prenuptial agreements. According to a recent article in the Wall Street Journal, a survey by the American Academy of Matrimonial Lawyers found that 63 percent of respondents have seen an increase in prenups in the past few years.
Before we answer your question, let’s look at some of the pros and cons of creating a prenuptial agreement. These agreements can definitely help you in divorce proceedings, especially if things get nasty. Think of it as a level of protection for you and your fiancee. It can establish how the assets are divided if the couple splits up, but that’s not the only use of a prenup. For example, let’s say your soon-to-be spouse dies unexpectedly. A prenuptial agreement can help determine who gets what, especially if your spouse failed to create a will prior to her death.
Of course, there are cons to a prenuptial agreement. Some opponents say that it can cost you in the end. It can not only cause friction in a newly married couple but it could hurt the spouse who enters the marriage with less money. Many say it weakens to marriage, not strengthen it.
Being that this is your second marriage, a prenup may give you peace of mind. You know that the finances you have going into the marriage will be coming back to you if divorce does play in the future.
If you need assistance in creating a prenup or any legal advice on family law matters, contact the Law Offices of Anthony Carbone today for a free consultation.