Why Should I Use a Prenuptial Agreement?

A feature article by dmf32835, Apr 19, 2008         

More than one in three of all first marriages end in divorce as well as fifty-percent of second or third marriages. When you make your vows, a lot of people don't realize they are stepping into a 'financial union'. Having a prenuptial agreement will ensure that your financial well-being will be protected. A prenup is much like an insurance policy, you hope you'll never need it, but you feel a lot better having it. Couples without a prenup will have their assets distributed for them by the state if you end up disagreeing on how they should be distributed during the divorce.

To create a prenuptial agreement you could hire a lawyer to make one for you for about seven hundred to eight hundred dollars. The cost is usually based on the complexity of both couples finances and how many visitations you will need before you and your spouse can agree upon the terms of the prenup. Additional costs can occur when you and/or your spouse feel you need an appraiser to value a business, real estate property, and/or collectible property. Also, lawyers like to charge a high hourly rate if you need your prenup by a certain date (for example your wedding date). An alternative to hiring a lawyer is to find a fillable prenup with instructions online and do it yourself at home.

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For most people it’s hard to approach a spouse about the topic of a prenuptial agreement. Most people find it's easier when you do it as early as possible. It’s much harder for most people to ask their spouse to sign a prenup after the wedding is planned. That's why it is suggested you do it as early as possible. You should always stand firm and clearly let your spouse know these agreements are important to you.

Having a prenuptial agreement does not always mean the parties don't trust each other. Usually the agreement is very well grounded in realism, rather than a lack of trust. For older couples that have already been through a marriage this is especially true. These type of couples usually just simply want to protect their children. Younger couples usually feel that a prenup will save a lot of money if later on the marriage does not work, which is true. An uncontested divorce is always cheaper than a contested divorce, because a lawyer isn't required.