Prenuptial agreements used to be something only the rich and famous felt they needed. Nobody else every figured they had that much worth fighting about.
These days, however, a lot of people — even Millennials — are going into marriage with more than just a few nickles to rub together. Some have inherited wealth. Others have businesses that they’ve started from scratch — and want to retain if they happen to get divorce. Some only have a few things that are important but the sentimental nature of those things makes their owners protective. A prenuptial agreement that just covers personal affects could protect, for example, your grandmother’s engagement ring if you give it to your spouse but the marriage falls apart. With the right agreement, you can be sure that your spouse will give it back during the divorce.
Prenuptial agreements are also good for those couples who are on their second — or third — marriage, especially if there are children by either of the previous two unions. Divorces — and subsequent remarriages — among seniors are much more common in this day and age. It might be important for Dad or Mom to make sure that his or her new spouse is financially secure if something happens — but also establish in a prenup whose kids get what family heirlooms and funds.
A prenup can also spell security for anyone nervous about mingling their finances with someone else. Done correctly, prenups can even be written so that they expire after a certain amount of time. You and your fiance can agree that a prenup keeping each person’s assets and earning apart in the event of a divorce becomes void after five, ten or even twenty years if you want. Give it however long you need to feel comfortable that the relationship really is meant to last.
The thing to remember about prenups is that they’re most likely to be enforced when they’re not uneven. In addition, you can’t use a prenup to limit child support in a divorce because that’s something that belongs to the child — not your spouse.
Source: Bankrate, “Engaged? This is why you need to sign a prenuptial agreement,” Robert DiGiacomo, accessed April 06, 2018