Once seen as an inducement to divorce, and thus a detriment to marriage, prenuptial agreements are now treated as a strength for marriage, though they are not for everyone, according to Joseph Cordell’s latest column on HuffingtonPost.com.
“There’s a popular perception that prenuptial agreements are a cynical way to enter into a marriage,” Cordell wrote in his post “What You Need To Know About Prenups.” “It’s true that prenups recognize the possibility of divorce, but with roughly half of all marriages ending in divorce you would be ignoring reality if you didn’t attempt to protect your interests before tying the knot.”
In general, there are four factors to consider when deciding whether you should pursue a prenup.
1. Age of the parties: the older you are, the more likely you need one.
2. Children from a previous relationship: a prenup is always a good tool to protect the financial future of children from prior marriages or relationships, but these agreements are not allowed to regulate issues relating to children of the future marriage, such as child custody.
3. Presence of substantial assets: the more assets you have, the more likely you need a prenup.
4. Disparity of assets: if there is a large disparity in assets between the two parties, then you want a prenup.
Read more about prenuptial agreements and whether such an agreement befits your situation on HuffingtonPost.com.