• 18
  • July
    2011

Many couples choose to sign a prenuptial agreement before they marry. These agreements are useful in many situations. Most people have probably heard of them, but just for a little more background, here's a quick course in how "prenups" work and what they are good for.

Essentially, prenuptial agreements set forth some of what will happen if a couple decides to divorce. They are generally good in the following situations:

  • Couples who are marrying for the second time and have children - Prenuptial agreements are often used to ensure that a parents' assets go to his or her children rather than to his or her spouse, as is often the default position with many state's laws.
  • A marriage between people of significant different means - In circumstances like this, the wealthier spouse may desire to protect his or her assets. That insurance will add a little clarity to the financial picture if the marriage should end.
  • Situations where needs other than a spouse's welfare need attention - Many people have pet charities or causes they want to which they want to contribute their assets, or wish to pay for things like a relative's education or medical expenses. This can be addressed in a will, too, but setting forth one's wishes in a prenuptial agreement is a good belt-and-suspenders approach.

There is often concern with prenuptial agreements that they may snuff out the romance or erode the trust between spouses. If you think you might need a prenuptial agreement, the attorney who prepares it for you might have some tips on how to tactfully bring it up with your partner, or he or she may be able to refer you to a relationship expert who could also provide such information. Prenuptial agreements may not be terribly easy to bring up, but clearly, they are a practical and useful measure for some couples.

Source: The Times-Herald Record, "Protecting Your Future: Prenups - who obtains them and why," Bonnie Kraham, 17 July 2011.