Prenuptial Agreements Different Age Groups
Married Ohio readers may think of matrimony as an act of publicly expressing their mutual affection for each other. However, it is important to understand that it is also a legally binding contract that is recognized by the government. The rules regarding property division vary from state to state, so couples need to be aware of their rights and consider signing prenuptial agreements.
Many people understand the need for older couples to sign a prenuptial agreement. There may be previous marriages that produced children, so there might be a desire to protect their share of the assets. In addition, even those who remain single into their late 30s and early 40s may amass substantial wealth and property that they wish to protect should the marriage end in divorce. By drafting a prenuptial agreement, separate property, which includes things a person owned before marriage, may be protected from division.
However, younger couples marrying for the first time may wish to consider a prenuptial agreement as well. In general, couples in this age bracket might accumulate wealth that is considered marital assets. However, the agreement might make divorce proceedings easier if the marriage ends. For example, it may be beneficial for the couple to discuss how a family home is handled before the marriage because changing property values can complicate property division.
Prenuptial agreements are becoming more common in all age groups. People are waiting longer to marry, and in some cases, may have walked down the aisle before. A prenuptial agreement that is carefully structured can be fair to both parties, and allow the divorce proceeding to move forward in a timely manner that can sometimes avoid court disputes and emotional strife.
Source: The Huffington Post, “Prenuptial Agreements: The Ultimate Symbol of Love?“, Justine Borer, August 22, 2014