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Why more people use prenuptial agreements these days

On Behalf of | Nov 6, 2020 | Divorce, Property Division

Prenuptial agreements were once relatively rare, and the average person would likely feel highly offended if their fiancé suggested that they execute one before the wedding. You might feel reticent to even suggest a prenup because you worry about how your fiancé will react.

However, a prenup doesn’t mean that you don’t trust your fiancé — only that you want to protect your marriage from a divisive end. There are some very good reasons why more people these days choose to create a prenuptial agreement before marriage.

With two working spouses, there is more to lose

Prenups used to primarily protect one spouse who had a lot of assets coming in to a marriage. They helped ensure that a dependent spouse couldn’t walk away with property earned prior to marriage or use the marriage as a springboard to personal wealth.

However, with more families having two wage earners and laws about custody changing, expectations about personal finances in marriage have changed as well. More families than ever before want to keep their money separate during the marriage or at least protect certain assets.

People have learned the value of retaining separate property

You don’t have to get divorced to understand why holding certain assets as your own separate property is better than sharing them with your spouse. If your spouse starts a business that fails, their creditors might come after their personal assets. If you have a blended family, retaining separate property can help ensure that you have specific assets set aside for your children that aren’t available to your spouse.

If you have assets that you want to protect, if you and your spouse intend to save separately for retirement or if you have a blended family, those are all very compelling reasons to consider creating a prenup. Those who want to start a business in the future, those who have already had a divorce and those with big ambition may also feel that a prenup offers protection that benefits them. Whatever your reasons, an experienced family law attorney can help you.