Prenuptial Agreements

Prenuptial. Just the word can kill all the romance in an engagement or a wedding.

According to divorcerate(dot)org, anywhere between 40 to 50 percent of marriages will end in divorce. Current predictions for those between the ages of 20-24 probably see the most severe rates. At this point, divorce isn't something that happens to "other people", it's a reality that all engaged couples need to work on and think about.

Whether or not you choose to get one should be up to the couple, but it does deserve at least some consideration. Now, prenuptial relationships aren't just about divorce either, they cover death, separation or annulment as well. It can be especially useful if the spouses are bringing in a large amount of assets. If one member owns a business, has kids from a prior union or has family heirlooms that they want to ensure stay among blood relatives, then a prenuptial agreement might be essential!

More essential is that in the event of the divorce; everything you have worked hard for will remain yours. Consider predators who marry for money and divorce for money too or Paul McCartney's divorce from Heather Mills, which reported about $375 Million settlement. how about Anna Nicole Smith and her fight to get money after her husband's death? Most of our networth isn't so grand, but it may feel that way when we're clawing up the ladder.

My personal opinion is that if you re wealthier than your partner or earn your partner, you're remarrying, your partner has a high debt load or you own part of a business you should really consider having a prenup. If you plan on quitting your job to raise children this could also be a way to make sure that in case a problem arises, you're not left out in the lurch.

When someone advises a new couple to consider a prenuptial agreement, they're not necessarily showing disdain for the match or assuming that one, or both, spouses would scratch each other's eyes out in the event of dissolution in the marriage. It's just prudent financial planning in this day and age.

Once married, unless there is some form of legal documentation before hand, the spouse is automatically entitled to a certain portion of the assets (in some states, half). So if one spouse is supporting the other, they may want to protect the assets they came into the marriage with.

Whether or not you and your partner choose to have a prenuptial agreement is up to you, but at least a candid discussion where one, or both parties try to come up with a mutually beneficial agreement is important. While some people consider prenuptials a romance killer, it actually can facilitate trust in a relationship since they are mutually assured that neither are being taken advantage of.

Sources: Divorce Rate: Divorce Rate in America - http://www.divorcerate.org/