Preparing for a marriage is an exciting time in the lives of Massachusetts residents. In addition to the laundry list of to-do items for the wedding, betrothed couples also need to start planning for their future. Although not considered romantic, future planning often necessitates a pre- or post-nuptial agreement.
The number of couples entering into prenuptial agreements has steadily increased over the past several years. The stigma associated with marital agreements is virtually a thing of the past. With an increasing frequency, modern couples find prenups to be a useful tool to plan for their future. Marital agreements can actually help foster a harmonious marriage. On the other hand, there is no denying the large percentage of marriages that end in divorce. Marital agreements can also streamline the divorce process should a couple decide to part ways.
There are several reasons for the increase in the number of prenuptial agreements. Many people are getting married at an older age and have accumulated significant wealth and property. Individuals are also becoming more sophisticated in the management of their personal and financial assets.
Prenuptial agreements can be specifically tailored to meet each individual’s needs. The most common types of property dealt with in prenuptial agreements are real estate and separate property. Without a marital agreement in place, Massachusetts law controls the division of property in a divorce. Individuals often want to make sure separate property, such as that acquired by gift or inheritance, remains solely in their name. Existing property often unknowingly becomes comingled and is subjected to division in a divorce. A Worcester Prenuptial Agreement Lawyer can assist individuals in drafting a prenuptial agreement. Marital agreements are contracts, so it is important for individuals to have a full understanding of their legal rights.
Source: The Wall Street Journal, “The Growing Popularity of the Prenup,” Sanette Tanaka, Oct. 31, 2013