A recent article in the Wall Street Journal posed the question of whether a prenuptial agreement is right for most couples. The article surveyed several different attorneys to discuss the positive and negative aspects of prenuptial agreements. On one side, the proponents believe that prenuptial agreements are important because they help protect the financial interests of both parties. Furthermore, prenuptial agreements can also prevent costly, lengthy court battles over marital assets.
On the other hand, critics of prenuptial agreements believe that negotiating a prenuptial agreement can devastate an existing marriage or end one before it even starts. These critics believe that “there are laws on the books that do a better job in most cases of balancing the interests of both spouses when they split or one dies.” Regardless of one’s initial position toward prenuptial agreements, it is important to recognize that a prenuptial agreement for one couple is not always appropriate for another couple. Each couple’s situation will dictate what should be included in a prenuptial agreement or if one is even appropriate.
If you are considering a prenuptial agreement, it is important to reach out to an experienced prenuptial agreement attorney who can help you understand the varied nuances of prenuptial agreements.
Increasing Interest in Premarital Agreements
According to a 2013 survey of 1,600 members of the American Academy of Matrimonial Lawyers, 63% of respondents noted an increase in the use of premarital agreements over the previous three years. Prenuptial agreements may contain provisions to deal with some or all of a spouse’s assets and property. This means that prenuptial agreements can be as complex or as simple as a couple wants. The scope of a prenuptial agreement is only limited by the person’s assets or property.
In the same 2013 survey, the respondents also identified the most commonly covered provisions in the past three years; 80% of respondents noted protection of separate property as being commonly covered. The next most commonly covered provisions included alimony/spousal maintenance (77%), division of property (72%), and protection of the increase of value in the separate property (62%). Some of the less commonly covered items in prenuptial agreements included counsel fees (15%), life insurance (11%), occupancy of second homes (3%), and health insurance (2%).
Questions About Prenuptial Agreements? Contact Laubacher & Co.’s Cleveland Family Law Attorney
If you have any questions regarding prenuptial agreements, it is important to reach out to an experienced family law attorney. At Laubacher & Co., we have a team of experienced Cleveland family law attorneys who can help you prepare a prenuptial agreement and answer all your questions. Laubacher & Co.’s family law attorneys have experience in a variety of other family law matters, including divorce, child custody and support disputes, adoption, marital property division, and domestic violence disputes. Contact one of our attorneys today for a free consultation. Call us at (440) 336-8687 or visit our office at 20525 Center Ridge Road, Suite 626, in Rocky River.