Prenuptial agreements add security to property division

On behalf of Pedrick Law Group, APC posted in property division on Monday, May 13, 2019.

Although some people sign a contract knowing that another party may be in breach of it at some point, no one starts a marriage thinking about that. However, a marriage is a contract, and the end of one can mean an expensive hassle for the spouses.

Divorce has gotten far more common in the last few decades. A full tenth of the American adult population has been divorced, with around 40% of first marriages ending in divorce and higher rates for later marriages. This is why prenuptial agreements have also gotten more common.

It is a common misconception that prenuptial agreements are only for wealthy and famous people. However, even they don’t always get them. For example, Paul McCartney drew attention to the importance of a prenup when his wife, Heather Mills, received nearly $50 million after four years of marriage. The two had not drawn up a prenup prior to their marriage.

Family court judges “have a tremendous amount of discretion in the highly subjective area of property division in the event of divorce,” according to one attorney. Therefore, judges may end up having the only real say in how marital property and assets are divided after a marriage ends if spouses do not put a prenup in place before they get married.

A prenup alone should not increase the odds of a marriage failing. It simply gives both spouses more security and help them know what to expect if they decide to end the marriage. An experienced family law attorney can help you as you work with your spouse-to-be to develop a prenuptial agreement.