03/21/2023 • Written by Courtney Glickman
We Plan for Death, Why Not Divorce? Here's Why You Need a Prenup
Marriage is of course about love – the union of two people deliberately choosing one another to become family. But it is also a pragmatic partnership. Many aspects of marriage include day-to-day life that involve no romantic overtones, such as money, careers, social plans, the house, cars, and kids. All of these things are also a big part of marriage, and tend to be overlooked when basking in the engagement period and planning the “big day.”
People are often hesitant to broach the topic of a prenuptial agreement with their partner because they are worried it seems “unromantic” or that acknowledging the possibility of a divorce will lead to a breakdown of the marriage in the future. In reality, however, money is one of the leading causes of divorce. Starting the conversation prior to marriage, and creating this financial transparency between one another can actually strengthen the relationship and build a better foundation for the future.
A premarital agreement is the opportunity for couples to choose their own rules to govern their relationship. As such, more and more people are creating premarital agreements before entering into marriage. Through a premarital agreement parties can designate how property will be handled if there is a divorce—so that there are no surprises down the road. Aside from making decisions regarding personal property, other assets such as homes or other real estate can be included, even decisions about future residences purchased together and the roles of each party financially. Premarital agreements allow you to change the character of income and other assets acquired during marriage, allowing the parties to plan together in advance—which quite frankly, is conducive to a solid relationship.
The most commonly planned area in such agreements are areas that determine what would happen should the marriage end in divorce. This allows couples to pre-determine how to handle things such as spousal support, and division of jointly acquired assets, as well as previously owned assets – topics that become hotly debated in divorce proceeding and can result in a costly and conflict-ridden negotiation. Agreements of this nature allow you to protect your existing business, family business, or future businesses, allocate debt, and other assets acquired during marriage, which otherwise would be considered community property and generally split equally between the parties in a divorce.
Premarital agreements aren’t just for high-asset or high-income individuals. People with businesses, whether family or other partnerships, can provide their co-owners with the peace of mind that the business they have spent their lives building together will remain theirs regardless of what the future holds. Children from previous relationships can be protected in the event of death of a parent by maintaining assets as separate property. Debt can be allocated to protect a party if one has significantly more than the other. And yes, parties expecting inheritance can protect such assets even prior to receiving them.
No one intends to end a marriage before it even begins, just as no one plans on breaking bones, being in a car accident, or experiencing terminal illness. Yet we are accustomed to maintaining medical, car, and life insurance to protect us should these events occur. A premarital agreement achieves the same objectives. It is insurance, that in the event that your marriage ends, you will be protected.
The truth is, we only leave a marriage in one of two ways – death or divorce. We plan extensively for death, be it our own or our partner’s, so why not plan for divorce? Especially when half of first-time marriages end in divorce. That figure increases to 65% for second marriages and 79% for third marriages. The numbers don’t lie. It makes sense to plan for the future and protect yourself if you have assets and are getting married.
Half of first-time marriages end in divorce. That figure increases to 65% for second marriages, and 79% for third marriages.
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