Prenuptial agreements can help to protect one’s finances

| Oct 2, 2016 | Prenuptial and Post-Nuptial Agreements

When couples marry, they likely do not anticipate the marriage will end in divorce. A prenuptial agreement essentially dictates which spouse will get what if they end up divorcing in Massachusetts. Although this type of agreement sometimes gets a bad rap, prenuptial agreements are known to soothe the hard feelings and complexities that come with divorce. Getting one drawn up before walking down the aisle can help a person to protect himself or herself financially in the event that divorce is inevitable down the road.

Recent research shows that just two percent of Americans who are married have prenups. The reason for this may be that people are worried about the stigma associated with what these types of agreements might mean. Thus, they prioritize their fears over their own financial well-being.

One common myth is that a standard prenuptial agreement exists. In reality, these types of documents are actually financial roadmaps that are extremely individualized. Provisions, such as those involving the children, may be added to a prenup, and a judge will be the one to determine if it will hold in court or has to be tossed out.

One of the biggest benefits of drafting prenuptial agreements is that two people can learn more about the type of people they are about to marry. Even if a person in Massachusetts is already married and does not have a prenuptial agreement, this person and his or her spouse can still put together a post-nuptial agreement that similarly spells out how their assets will be split if they were to divorce. Either way, an applied understanding of the law may help people to successfully create agreements that reflect their wishes and best interests.

Source: marketwatch.com, “Is a prenup unromantic, or the smartest thing you could ever do?“, Alessandra Malito, Sept. 23, 2016