Divorce and PreNups – Good Combination?
It seems that many people believe that half of all marriages end in divorce these days.
In truth, it is more like one in three.
What’s surprising is that even though these people think that the odds of their marriage ending in divorce are higher than they actually are, still most fail to sign a prenuptial agreement.
And for couples that should know better (those entering a second or third marriage), the divorce rate actually is about 50%.
However, every couple that goes into a marriage with personal assets should consider the possibility of a prenup for the simple fact that it makes an already emotional transition much less tangled.
Here are a few ways that having a prenup can ease the hardship of divorce.
If you think it’s too expensive to hire a law firm to draw up your prenup, then you are clearly unaware of the cost of hiring a divorce attorney to help you fight for the assets you want down the line.
Lawyers could not only cost a lot during a divorce, but it is their job to get as much as they can from a settlement.
Which means that their legal advice could end up clouding your good judgment (and don’t think your spouse’s attorney will be saying anything different).
The point is, lawyers will only pit you and your former love against one another; a prenup helps you to avoid all that, at least where your assets are concerned.
Make your own decisions.
Do you know what happens when you go to court to divide marital assets?
You hand your decision-making power over to a state official, an impartial observer who hears your case and tells you who gets what.
Do you really want a stranger deciding whether or not you get to keep a home that’s been in your family for generations, or a nest egg that took years to build up?
If the answer is no, then you need to take responsibility for yourself from the get-go by drawing up a prenuptial agreement that protects what is rightfully yours.
Nobody leaves empty-handed.
The first thing that many people worry about when a divorce occurs is that they will wind up with nothing.
Assuming that you retain the assets you brought into the marriage, you can have some peace of mind knowing that you’ll leave with at least that much.
Less emotional stress.
You’re pretty much guaranteed that emotions are going to run high during a divorce.
A prenup will ensure that the division of assets is far less stressful.
Since both parties know exactly what they’ll be walking away with, there shouldn’t be any money-grabbing antics to ratchet the stress level even higher.
Kids and grandkids are protected.
You may have plans for your assets that extend beyond your tenure here on Earth; you may want your money and property to pass to your kids or grandkids (from a previous union) one day.
If you fail to protect what you bring into a new marriage, your progeny could be the ones that truly suffer from your decision to forego a prenup.
What's one thing you could suggest to save angst during a marriage break-up?