Prenuptial agreements (commonly referred to as prenups) are no longer reserved for the rich and famous. A prenup is a written agreement, signed before a marriage, which defines the property rights, and in some cases support obligations, of spouses when the marriage ends through divorce or death. Prenups tend to have a negative reputation among couples about to be wed. Many couples tend to buy into the fallacy that if they talk about a prenup they are entertaining ideas about divorce before they are even married. Discussing a prenup may not be romantic but it should not be deemed by any means as a harbinger of divorce. In fact, the existence of a prenup can serve to diffuse tension by clarifying everybody’s expectations. Here are just some of the advantages of a prenup:
Reduced Cost: Contested divorce proceedings can be lengthy and costly. Prenups can help to reduce the cost of a divorce by eliminating legal battles over the assets which are the subject of the prenup. And by defining these issues, that could help facilitate a more efficient disposition of the entire divorce proceeding.
Open and Honest Discussions Before Marriage: Discussions and open communication lead to a strong marital foundation. While preparing a prenup each party will disclose to the other a complete financial accounting of assets and liabilities. A prenup allows couples to talk openly and honestly about finances before they take the walk down the aisle.
If a wedding is on the horizon, a prenuptial agreement can be a great way to plan for the future. The attorneys at Cohn Lifland Pearlman Herrmann & Knopf LLP can help. Contact us today to see if a prenup makes sense for you.