Why You Need a Prenup
What is the meaning of a Prenup? and what is Prenup short for? A prenuptial agreement (“prenup”) is a contract entered into by two people prior to getting married. It spells out the rights and obligations of both parties when it comes to matters like finances, property, and other assets. Though not legally required in many states, many couples are now choosing to create a
In the United States today, the average marriage lasts 8 Years, a couple gets married every 16 seconds and a couple gets divorces every 42 seconds. Armed with this information, how do you like your odds? These days only 5% of couples get married with a prenup. So it seems that most people are playing their cards more aggressively than the odds. Long thought to have a success rate of 50% in the US, marriage is now succeeding at a rate of 59%. This means that 41% of 1st marriages are ending in divorce. With this info and hand, it is easy to see why people are now considering getting a prenup in order to protect their assets.
A Prenup Can Protect Your Assets
A prenuptial agreement allows you to protect your assets from equitable distribution in the event of a divorce. Equity, as it is related to marriage, means that both spouses are entitled to an equal share of marital property, or whatever assets have been acquired during the marriage. This generally does not include gifts or inheritances obtained prior to the marriage. Without a prenup, any assets acquired during the marriage are subject to this equal distribution.
A Prenup Can Also Protect You Financially
The prenup can also protect you financially in the event that one or both spouses become unemployed during the marriage. In a prenuptial agreement, the couple can agree on an amount for spousal and child support payments should one spouse become unemployed. Additionally, the prenup can set out certain financial objectives for each spouse to reach during the marriage, such as paying off student loans or creating retirement funds.
Perhaps most importantly, a prenup can protect each spouse from taking on the other’s debt in the event of a divorce. Couples can agree that any debts they incur during the marriage will remain their own responsibility, preventing one spouse from being held responsible for the other’s debt in the event of a divorce.
Benefits of a Prenup
A prenuptial agreement can be a proactive way to protect yourself in the event of a divorce, and it can help couples feel more secure about their financial futures. With this document, both parties can agree on how things such as assets and debts are divided if the marriage does not work out. Additionally, having a prenup gives you more control over the outcome of a divorce rather than leaving it up to the court to decide.
A prenup also allows you to protect your business interests and joint property in case one spouse dies or becomes incapacitated. This can help keep assets from being exposed to creditors, and it can provide peace of mind when either partner has an untimely death or disability.
Having a prenuptial agreement in place can also make the divorce process much easier and less time consuming. As the couple already has an agreement in place, it significantly reduces the amount of time and money needed to settle the divorce, saving time and headache.
Does a Prenup need to be Notarized?
Although not required in every state, it is highly recommended. A prenuptial agreement that has been notarized helps to make it legally binding. Online Notarization also allows you to get a video recording of the session.
“A court can invalidate a prenuptial agreement if it finds that there was, among other things, fraud, duress, coercion, mistake, undue influence or unconscionability in the terms or circumstances surrounding the prenuptial”JNGLaw.net
One surprising prenup statistic is that prenuptial agreements hold up in court a little less than 50% of the time so you want to be extra thorough when creating yours. This will minimize the risk of a judge not honoring your prenup in the future.
This recorded video of your session may provide added clarity to the situation or case. You could potentially use this video as evidence in court to prove that the prenuptial agreement was entered into willingly and without any force or undue influence. Online Notarization is also faster as you can get this task done without even needing to leave the comfort of your home or skip a beat from your regularly scheduled lives.
Do You Really Need a Prenup in 2023?
Yes, absolutely. With the current economic climate and our understanding of marriage laws changing every day, now more than ever it is important to protect yourself and your assets in the event of marriage. A prenuptial agreement can help you do jus that, setting out rules and guidelines for how assets and debts should be divided in the event of a divorce or death.
It is a proactive way to protect yourself, as well as your partner and children, in the event of a separation. With a prenup, you and your spouse can agree on the financial rules of the marriage and make sure that any debts or assets are divided fairly in the event that the marriage does not last. This can help avoid lengthy and drawn out court proceedings, saving time and money.
Ultimately, a prenup is not just a document that couples should consider but one they must seriously think about. It can help provide both partners with the security and peace of mind that their financial interests are protected, no matter the outcome of their marriage. If the marriage is going a certain direction, couples can make any amendments to their prenuptial agreement in the future, such as updating it to reflect changes in their financial standing. So make sure to consider a prenup for your marriage, don’t let it get in the way of your big day.