Leading Financial and Family Law Attorneys
Do We Need A Prenup?
Need? Want? Should? You know when it comes to the law, it is open for interpretation? How do you decide about a Prenup?
If you are thinking you will never need a prenup here are the facts:
Age at marriage for those who divorce in America
Under 20 years old Women 27.6% Men 11.7%
20 to 24 years old Women 36.6% Men 38.8%
25 to 29 years old Women 16.4% Men 22.3%
30 to 34 years old Women 8.5% Men 11.6%
35 to 39 years old Women 5.1% Men 6.5%
Divorce Statistics in America for Marriage
Marriage Divorce statistics (in percent)
First Marriage 45% to 50% marriages end in divorce
Second Marriage 60% to 67% marriages end in divorce
Third Marriage 70% to 73% marriages end in divorce
Not trying to be morbid, but facts are facts. I grew up like every other woman thinking I would find the perfect one, have kids and live happily ever after. Well, I have kids and I am living happily ever after.
Look over this list and you will find that, a prenup does not encourage divorce, it just sets some financial ground rules:
Protect one spouse from the other’s debts
Provide for children from previous relationships
Keep family property in the family
Protect your estate plan
Define property distribution upon divorce:
Detail what responsibilities you have during the marriage
These may include:
- Separate business
- Retirement benefits
- Income, deductions, and claims for filing your tax returns
- Management of household bills and expenses
- Management of joint bank accounts, if any
- Arrangement regarding investing in certain purchases or projects, like a house or business
- Management of credit card spending and payments
- Savings contributions
- Property distribution to the survivor, including life insurance, in the event of death
- Arranging putting one or the other through school
- Settlement of potential disagreements, such as using mediation or arbitration
A prenup or prenuptual agreement is 100% a legally binding contract. Many states have different allowances and restrictions on these contracts. Be smart, get a prenup and use a reputable attorney.
Let Don Harris – New Mexico Financial Law, assist you and your betrothed develop a Prenup that will allow you to exchange Nuptuals with a clear mind and an open heart.