Your prenup protects you. You've heard all of the divorce statistics. Perhaps people even expressed their concerns when you told them about the engagement. You weren't angry. Those concerns are merely realistic. No one gets married hoping to get divorced, but many marriages end that way.
So maybe your first marriage did not end well. It happens. Millions of people have walked down the aisle only to find themselves speaking to a divorce lawyer 10, 20 or 30 years later. Simply because it did not work out the first time does not mean you should not get married again in the future. However, before you tie the knot again, put to use the lessons you learned the first time.
Marriages can be difficult, and require constant care and attention. Even so, issues can occur. Sometimes, one spouse may have engaged in a prolonged affair or a one-night stand. Other times, a substance abuse or gambling problem may lead to serious issues within the marriage. Many couples in this situation think that the only way forward, other than marriage counseling, is to divorce. They may be overlooking an increasingly common tool which can help save their marriage: the postnuptial or midnuptial agreement. These legal documents can help you and your spouse spell out expectation and consequences for future issues.
Were you married in the past? Did your marriage end up in divorce? Did this harm your financial situation in a number of ways?
Once, prenuptial agreements were considered only for the ultra-rich. Today, prenups are more popular than ever. In a 2013 survey released by the American Academy of Matrimonial Lawyers, 63 percent of divorce lawyers are experiencing an increase in prenuptial agreements. One key finding in the survey indicated that more women were initiating requests for this type of agreement. Men aren't the only ones who wish to protect their property and assets when coming into a marriage. What's driving this trend? President of AAML suggests that it's because the financial and real estate markets improve. Another reason is that couples are waiting longer to get married, bringing more resources into the relationship. Deciding whether you need a prenup isn't always easy, but here are a few factors you should consider.
1. What is a prenuptial agreement?