Although not incredibly romantic, asset and financial planning for a marriage has many benefits. Whether to enter into a prenuptial or postnuptial agreement is a very personal decision. Many factors must be taken into consideration to determine whether doing so may be the right choice for your particular situation. A Massachusetts divorce attorney can discuss with you the pros and cons of entering into one of these marital agreements.
Many people dread discussing marital agreements for fear of causing problems in their relationship. However, the opposite is true in many cases as one of the leading causes of divorce is disagreement over finances. Reaching an agreement over property, finances and asset management in the marriage can avoid many disputes. Furthermore, these agreements are beneficial because they give couples the ability to distinguish between marital property and separate property. This can reduce conflicts in the event of divorce, and save the time and money involved with extended divorce proceedings.
Marital agreements are not just for first marriages. These agreements are also important in second or third marriages, where issues such as inheritance for children of a previous marriage and the welfare of the new spouse come into play. Entering into a prenuptial or postnuptial agreement is often the best way to ensure proper division of property. These agreements work with an estate plan in the event of the death of one of the spouses to help avoid court involvement to determine property distribution.
At the end of the day, entering into a marital agreement is a very personal decision. An experienced MetroWest Boston divorce lawyer can help you determine whether it is advisable for your individual situation.
Source: LancasterOnline.com , "Financial planning for another marriage later in life," Patti Spencer, Nov. 18, 2012