According to the US Census Bureau, the average age at first marriage for both men and women is at an all-time high. Similarly, the number of individuals re-marrying, thereby creating blended families, is on the rise. What does that mean for domestic attorneys? We are seeing more and more individuals who seek, and/or would benefit from, a Prenuptial or Premarital Agreement. Whether or not a soon-to-be-married couple should sign a Premarital Agreement seems to be a topic of much debate, especially among those who are contemplating marriage. Regardless of where you ultimately stand on this issue, you might want to consider the following:
(1) The older two people are at the time they marry, the more likely they will have been in the workforce for a substantial period of time and will have generated substantial assets. This may mean that one, or both, soon-to-be spouses come into the marriage with separate assets to protect via a Premarital Agreement.
(2) Those individuals who remarry after having children by a previous spouse may wish to segregate any assets they acquired prior to the second marriage to protect their children in the event of a divorce. If a Premarital Agreement is not entered into and the second relationship ends in divorce, the children by the previous spouse may not receive the full benefit of those assets the individual had acquired prior to the second marriage.
In the end, the decision is one personal to each couple. However, we’re always here to help you as you decide “To Prenup or Not to Prenup?”