In our previous post, we began a discussion about the growing popularity of prenuptial agreements. More couples in Pittsburgh and elsewhere are realizing that these documents are not just for the very wealthy or for couples of vastly different ages.
That's why the stigma surrounding prenuptial agreements is dissipating. A poll conducted in 2010 revealed that about one-third of single Americans would seek a prenup from their significant other. Another poll revealed that a significant percentage of family law attorneys saw an increase in prenuptial agreements between 2005 and 2010.
Our last post focused on which kinds of couples or financial situations might benefit from a prenuptial agreement. Today we'll share some advice for making sure that a prenup holds up in court if it is ever challenged.
Many divorce attorneys say that it is important to discuss the idea of a prenup well before the wedding day. There are a number of relationship and legal advantages to having the prenuptial agreement discussion early on in the engagement.
One California-based attorney explains that, "You shouldn't be bringing it up in the limo on the way to the church. From a legal standpoint, you don't want the other person to be able to claim duress later."
Having the discussion early on will also probably be less stressful for both partners. The prenuptial-agreement process will likely lead to a larger discussion about each partner's views on money. Because finances are one of the most significant sources of marital conflict, it is better to have this conversation as early in a relationship as possible.
Many couples decide to get engaged around Valentine's Day. Therefore, February is a good month to think beyond the engagement to the marriage ahead. Before you say "I do," consider taking stock of your financial future. If you have assets you wish to protect, perhaps a prenuptial agreement is right for your marriage.
Source: Reuters, "When Valentines and prenups go together," Kathleen Kingsbury, Feb. 15, 2012