${site.data.firmName}${SEMFirmNameAlt}
724-610-9914

Should you get a prenuptial agreement?

A prenuptial agreement isn't often on your wedding to-do list, but it's becoming more common. It's no longer the taboo subject that it once was. The number of couples requesting prenups is on the rise, especially among a younger generation. Millennials are getting married later in life and therefore have more assets to consider and protect. They look at a prenuptial agreement in a practical way, like an insurance policy that provides mutual protection.

A prenuptial agreement, also called a prenup, is a legal contract between soon-to-be-married couples to protect their assets and outline their financial expectations in case they were to end up divorced, and they aren't just for the wealthy anymore. You might benefit from having a prenuptial agreement if you own a business or have children from a previous marriage and are paying child support.

Experts believe a prenup is a good idea for a number of reasons.

  • A prenuptial agreement can help you plan for the future. With a divorce rate of nearly 50 percent in the United States, there's no guarantee your marriage will last. Having a prenuptial agreement can give you peace of mind in that you've prepared for the worst.
  • Protect you from the debt of your future spouse. If your future spouse has a lot of debt, like student loans or credit card debt, a prenuptial agreement can protect you from assuming a portion of their debt if you split.
  • Makes your financial picture clear. Setting up a prenup can open a conversation about your financial habits. Being clear about your spending habits and debt will ensure there aren't any secrets going forward. It may also lay the groundwork for strong financial conversations in the future.
  • Protects family assets or heirlooms. A prenup can help you to ensure that your grandma's antique cabinet or other precious possessions stay with you if you divorce.

Negative consequences

But on the downside, a prenuptial agreement can cause high emotion and conflict between partners and it's the reason prenups used to be an unthinkable subject in years past. When you suggest a prenup to your partner, you are giving the impression you don't expect the marriage to last, when in fact, it's more of a proactive measure.

Another disadvantage is that you are trying to predict the future and structure an agreement around facts you don't know. In ten years, your agreement may not fit your situation. Also, a prenuptial agreement focuses on a negative outcome for the future. But you're entering into a legal contract with marriage, so why not protect yourself?

Whatever your reasons for deciding to enter into a prenuptial agreement, you are choosing to minimize risk and harm and planning for a future you hope will never happen.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Contact The Firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Stewart, McArdle, Sorice, Whalen, Farrell, Finoli & Cavanaugh, LLC

Greensburg Office
229 South Maple Avenue
Greensburg, PA 15601

Toll Free: 866-601-9627
Phone: 724-610-9914
Fax: 724-836-2038
Greensburg Law Office Map

Crabtree Office
Crabtree Branch Office
Rt. 119 North
Crabtree, PA 15624

Toll Free: 866-601-9627
Phone: 724-610-9914
Fax: 724-836-2038
Map & Directions

Ligonier Office
Ligonier Branch Office
610 West Main St.
Ligonier, PA 15658

Toll Free: 866-601-9627
Phone: 724-610-9914
Fax: 724-836-2038
Map & Directions

Contact The Firm