It is long thought that signing a prenuptial agreement was a sign of mistrust to a marriage, but in actuality, it is a sign of financial trust. Not only has it become more common, it can also greatly reduce conflicts and save money if a marriage results in a divorce. Marriage may not be forever but divorce certainly can be. For many Minnesotans, divorce has caused irrevocable damage that may have been reduced had a prenuptial agreement been signed.
What a prenup does is distinguish between premarital and community property so that later in court, property division can be a breeze. Community property is assets acquired during a marriage. Some examples are houses, boats or cabins. Many of these higher assets have caused difficulty in the family law court. Say an individual already owns a large boat and house but gets married; a prenuptial agreement would prevent the new spouse from acquiring any of these assets upon divorce. It would also prevent that new spouse from inheriting any debt such as mortgage payments from those assets.
Another misconception of a prenup is that they are only for the wealthy. This is definitely not the case. They may seem like a must for many high asset divorces but they can also serve an important function to any marriage. From reducing conflicts upon divorce to supporting an estate plan, a proper prenup has helped numerous Minnesotans.
With the American divorce rate near half, it is important for every couple to at least discuss a prenup. Any Minnesotan considering singing a prenup may find that they are not difficult to set up. By consulting with an attorney, a valid prenup can be constructed in minimal time that has everlasting benefits.
Source: Townhall.com, “Is There a Positive Side to a Prenuptial Agreement?” Carrie Schwab Pomerantz, April 18, 2013