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Prenuptial agreements can be valuable protection before marriage

| Jun 24, 2020 | Divorce & Family Law |

When people are planning a marriage in Ohio or elsewhere, the excitement of the future can be intoxicating. The couple might forget that inevitable challenges arise and that the marriage might not work out. Being protected is advisable, and prenuptial agreements can help.

There are several reasons why a prenuptial agreement may be a good idea. In general, younger people are waiting to get married. Since 2005, people have tended to get married later in life. Millennials are at the forefront of this new trend by waiting, on average, nearly five years from dating to the altar. Because of this, millennials might accrue more income and assets, thereby creating a greater amount of wealth that needs protection if there is a divorce.

Another situation that impacts getting a prenuptial agreement is debt. Massive levels of student loan obligations could spark concern that a husband or wife could be liable for it in a divorce. The prenuptial agreement can address this.

The chance of gender disparity in accumulating assets is not as pronounced as it was in the past. Prenuptial agreements were long viewed as a document important only to those with a business, significant wealth or anticipation of a large inheritance. That is no longer the case. For example, if a person has an idea for a startup that could yield massive profit, protecting it with a prenuptial agreement could be wise.

A prenuptial agreement can be useful, but it is essential to remember that disputes could still arise if there is a divorce. For example, the financial outlook might have changed during the marriage, and the prenuptial agreement will no longer be as applicable. If there are children, a prenup does not set parameters for child support. Making certain that the document is valid is key.

When a couple is planning to get married or is already married and considering a divorce, a prenuptial agreement could come into focus. Consulting with experienced professionals in family law may provide guidance to deal with these circumstances.