Prenuptial agreements provide a practical solution to financial protection in the event divorce. They apply to people of all financial statures, not just the rich. All couples, including those living in Broward County, have certain assets to protect. When couples create a prenuptial agreement in advance of conflict, unnecessary difficulties can be avoided.
The most common protection that prenuptial agreements provide for is future earnings. The agreements also shield the parties from future debt, which is particularly attractive during difficult financial times. When children from previous relationships are involved, parents may be concerned that they will lose their rights to life insurance proceeds, IRA accounts or other financial benefits that they would stand to inherit. A solid prenuptial agreement can provide financial security to the children, not to mention peace of mind to the parent.
Initiating a discussion about the need for a prenuptial agreement might imply that divorce is a possibility. Acknowledging the need for a plan in case the marriage does not work out is uncomfortable. Many couples shy away from creating a plan to protect their financial futures simply because of that.
Because of the delicate nature of discussions surrounding these agreements, it is recommended to leave the details to an attorney who will take charge of the discussion and lessen the awkwardness. An attorney may be able to help take the complicated emotions out of the negotiation process and attempt to make it as painless as possible. With legal guidance and some preparation, couples are more able to focus on the success of their marriage.
Source: Huffington Post, “Prenups: Not Just For The Wealthy,” Jason Marks, May 3, 2013
