Prenuptial and postnuptial agreements can be powerful tools to protect an individual in the event of a divorce. Though some see these agreements as merely planning for a failed marriage, they can actually provide comfort for a marrying couple, keeping financial concerns out of the mix. For many Massachusetts residents, a prenuptial agreement, which is created before a marriage, or a postnuptial agreement, created after a marriage, addresses waiver of alimony and division of assets, including business assets, pensions or retirement plans, and other existing property.
Those who have read stories of divorce or know someone who has gone through a divorce of his or her own may be afraid of tying the knot with their loved one. After hearing of divorce disputes arising out of property division and alimony, they may fear losing everything in the event the marriage goes south. Fortunately, those considering marriage can take legal action to put these frightening thoughts to rest.
Having a child can drastically change one's life. When a married couple has a baby, several difficult decisions must be made. The couple must figure out how to pay for the child's needs while determining whether one parent will stay at home with the child. The decision to quit one's job to stay home with children is a hard one to make, and one that can have serious financial consequences in the event of a divorce.
Deciding whether or not to get married can be one of the most difficult decisions to make in life. Not only should one consider the love he or she has for the other person, but he or she should also contemplate the financial ramifications of marriage. First, getting married may be an effective way of building wealth. For example, through an employer-sponsored retirement plan, a couple can contribute $35,000 to a 401(k) retirement account whereas an individual is limited to $17,500 per year.
The decision to get married can be a difficult one. Not only do the parties agree to love each other for years to come, but they also make a financial agreement to share assets. For many, this places them on uneasy footing, especially when divorce is common and so many stories of harsh property division disputes circulate. But those who want to protect their assets when entering a marriage can do so without fear and such marital agreements are becoming more common.
As previously discussed on this Worcester family law blog, prenuptial and post-nuptial agreements offer a wide range of benefits. Massachusetts family law attorneys routinely help clients draft these marital agreements both before and after a marriage. While many couples may hesitate to engage in talks regarding marital agreements, these can actually help foster communication and full disclosure when it comes to a marriage.