What percentage of couples get prenups?
Prenuptial agreements, more commonly known as prenups, are becoming increasingly more common, especially here in Arizona. Prenups are incredibly helpful legal agreements future partners can draw up together before getting married.
In one sense, divorce in America has been on a steady decline for the last two decades, falling from a high of 4 divorces per 1,000 people to 2.3 in 2020—though the COVID-19 pandemic may have skewed numbers in that year.
However, the number of divorces per the number of marriages has stayed fairly steady. As a result, people are frequently anxious about what could happen if their marriage were to end. In particular, many people worry about what may happen to their assets and finances if they should divorce. A prenuptial agreement can help to ease some of that anxiety by making some essential decisions before divorce does occur.
Some of the most important things a prenup can do include the following:
- Protect finances and set expectations for how finances will be handled throughout the relationship.
- Outline how assets and debt will be split if acquired during marriage.
- Prevent conflict about how money is spent and shared.
One of the most frequent worries partners experience, especially if it’s not their first marriage, is losing property they had before they got married. Because Arizona follows community property laws, everything acquired during a marriage is subject to equal division in divorce. A prenup can preempt this property division by outlining “separate property,” or property that was owned by each person before the marriage.
Prenups can protect a variety of assets, physical property, finances, children, inheritances, and more. However, prenups can provide a great deal of protection for both parties involved, regardless of their personal wealth before the marriage.
For a prenuptial agreement to become legally enforceable, it must be fair to both partners. For example, prenups can outline spousal support obligations to support a lower-earning spouse who may have left their job or stopped career training to care for children.
The best part about prenuptial agreements is that they can be crafted to fit you and your partner’s unique wants and needs, no matter your financial situation.
Another important property of a prenup is that it can be used to protect children. Many partners seek prenups to make sure that any children they have during the marriage will continue to be supported by their wealthier partner after a divorce.
How do I bring up a prenuptial agreement with my partner?
You might say something like, “I want to ensure that we’re both protected and secure as we build our life together.” Explain Your Reasons: Share why you believe a prenup is important. You can discuss financial security, protecting individual assets, or ensuring fairness in case of unforeseen circumstances.
Do you need a lawyer for a prenup in Florida?
Marriage goes beyond an intimate agreement between two people. It is also a legal contract. Even though Florida is not a community property state, certain assets could be subject to division between you and your spouse if things don’t work out and you decide to divorce.
While the idea of a prenuptial agreement elicits cringes from many thanks to negative connotations that have developed, these are useful documents to protect your financial future and even agree on a division of assets with your spouse in the event of a worst-case scenario. Because they can be complex and even contested down the road, this is something you should always enter into with the assistance of an experienced Florida family law attorney.
A prenuptial agreement is also referred to as a premarital agreement or just a “prenup.” This is a legal document signed by two parties that are planning to get married. The purpose of the document is to predetermine the rights and responsibilities of both parties in the event of a divorce or death while the parties remain married. The document can cover one or both of these scenarios.
Postnuptial agreements are similar to prenuptial agreements, but they are signed after the marriage takes place. While the reasons for entering into these agreements might be similar, there are slightly different rules for creating and signing them, so it’s important to speak with an attorney to avoid mistakes.
The reasons for wanting and agreeing to a premarital agreement can vary depending on the circumstances of the parties entering into the contract. Prenups and postnups are powerful documents when done properly, and can govern much more than people realize.
For example, a couple in their fifties who each have separate assets and grown children from prior marriages may not want to risk mixing those assets in a marriage. This is particularly true if their net worth is vastly different. If they divorce or one dies, the one with the higher net worth might want to ensure that their children receive assets instead of a new spouse.
Sometimes a prenup can state that neither party will receive alimony, no matter how long the marriage lasts. Or a prenup can preclude a spouse from getting property or assets that they might otherwise be entitled to if there were no agreement.
A prenup can even state that, if one spouse is unfaithful during the marriage, they will have to pay the other one a certain amount of money to help them transition to single life. There can also be provisions for what jurisdiction will handle the divorce proceedings.
As long as it is within the law, a prenup can also outline many roles and responsibilities within a marriage. For example, it can detail how a couple will raise their children, who will pay for what expenses, and even where the couple will live.
For a prenuptial agreement to be valid and effective, it must meet the requirements of Florida’s Uniform Premarital Agreement Act (UPAA). There are several requirements for a valid prenup in Florida.
How do I ask my partner for a prenuptial agreement?
Choose the Right Time: Find a calm and private moment to discuss the topic. Avoid bringing it up during stressful times or when emotions are high.
Explain Your Reasons: Share your reasons for wanting a prenup.
Emphasize Fairness: Stress that a prenup is not ab
What percentage of couples get a prenup?
Prenuptial agreements, more commonly known as prenups, are becoming increasingly more common, especially here in Arizona. Prenups are incredibly helpful legal agreements future partners can draw up together before getting married.
In one sense, divorce in America has been on a steady decline for the last two decades, falling from a high of 4 divorces per 1,000 people to 2.3 in 2020—though the COVID-19 pandemic may have skewed numbers in that year.
However, the number of divorces per the number of marriages has stayed fairly steady. As a result, people are frequently anxious about what could happen if their marriage were to end. In particular, many people worry about what may happen to their assets and finances if they should divorce. A prenuptial agreement can help to ease some of that anxiety by making some essential decisions before divorce does occur.
Some of the most important things a prenup can do include the following:
- Protecting finances and setting expectations for how finances will be handled
- Detailing how assets and debt will be split if acquired during marriage
- Outlining separate property to protect assets owned before the marriage
- Protecting a variety of assets, physical property, finances, children, inheritances, and more
- Outlining spousal support obligations to support a lower-earning spouse
Another important property of a prenup is that it can be used to protect children. Many partners seek prenups to make sure that any children they have during the marriage will continue to be supported by their wealthier partner after a divorce.
Can a prenup protect future assets?
Yes, a prenuptial agreement can protect future assets. Those are common provisions you would put in to a prenuptial agreement. If there’s the possibility of divorce I advise my clients to make that prenuptial agreement as ironclad as possible. You want to keep premarital accounts separate.
For example, if you had a checking account, savings account, investment account, retirement account, or anything similar, then you will maintain that account in your sole name. You will never merge those accounts with your spouse’s name or have it become a joint account. It doesn’t mean that you can’t open a joint account with your spouse, but by doing so, that joint account is most likely divisible. However, if your prenuptial agreement addresses your premarital accounts then you will most likely not have to share those with your spouse.
While it’s not strictly required and is more of an added protection, I usually advise my clients that they should open new accounts. To use the bank account example, you could capture what’s in your Citi-bank savings account at the date of marriage and have $100,000 in an account. You can freeze those accounts, withdraw money out of it, and then open up a new savings account & then deposit and withdraw money from it during the time in a marriage. You still characterize that account as a marital account but you ensure that said premarital account stays separate and that no Judge, even theoretically, could overcome your prenuptial agreement on the issue of those funds. If you have an account that remains in your name, even if you add money to that account during the time in a marriage, then it’s still your separate property.
There’s the theoretical possibility that a Judge could step in and say, “There’s a million dollars in the account and it would be an injustice to say that your spouse shouldn’t share in a portion of that account. Especially when the vast majority of that money was added in after you got married.” There is that possibility on accounts where money is added after you say. “I do.” Which is why you want to consider opening up a new account to make it 100 percent that the account is protected.
My Actual Income Is Less Than My Income on Paper. How Do I Deal with Child Support and Alimony Payments?
If your income is more based on profit distribution and passive income, then one of the things that you can do in regards to child or spousal support is to turn that money back over into an asset. In other words, what you may want to consider doing is to take a portion of what would otherwise be counted as income and put it into an investment vehicle that was deemed your separate property within the pre-nuptial or post-nuptial agreement – if you had one. If you did not have one then any income theoretically counts for child or spousal support purposes. Even if it is income based on profit distributions or passive income to the degree that it hits your bank account. Then in effect it’s income for child or spousal support purposes.
How much does a prenup cost in Florida?
Across America, couples from a wide range of backgrounds—and tax brackets—are choosing to sign a prenup before tying the knot. Not only do these agreements help clarify expectations and obligations, but they can also protect both partners if worse comes to worst. Still, getting a prenuptial agreement in Florida comes with its own set of legal requirements, so doing your research can save you from a considerable headache in the long run.
The 5 steps for getting a Florida prenuptial agreement
- Respectfully and rationally discuss the idea of a prenuptial agreement with your partner, outlining the ways it would protect both of you in a worst-case scenario and help clarify financial expectations.
- Hire an expert to draft the prenup, but also do research ahead of time to familiarize yourself with what to expect.
- Ensure both parties have separate legal representation licensed to practice law in Florida and experienced in marital law.
- Make fair and reasonable disclosure of all relevant information, including debt, property, financial obligations, and assets.
- Double-check the information in the prenup before signing, as incorrect or unfair agreements can be overturned.
In some “community property” states, such as California or Texas, the laws mandate that all assets acquired while married should be split equally between partners in the event of a divorce. Florida family law rules.
How much does a prenup cost Texas?
When people hear the word prenup, they often think of divorce and the possibility of their marriage failing, which can make them hesitant even to consider getting a prenup. However, the reality is that having a prenup in place is not a sign of distrust or lack of commitment to your partner. A prenuptial agreement can protect both parties’ assets if the worst happens in the marriage.
In Texas, people tend to get married in their mid to late twenties, and those who opt for prenuptial agreements are generally in their early thirties or older. By this age, they often have acquired substantial assets such as homes, stocks, and other valuable properties. In some cases, there may be a possibility that one partner could try to claim property rights or profits that initially weren’t theirs in the event of a divorce. Prenuptial agreements can even protect both partners from complications in case of divorce, such as avoiding taking on your partner’s debts that were acquired throughout your marriage.
Despite the depiction of prenups in the media as exclusively for the rich and famous with tons of money and assets, prenups can protect anyone regardless of income level. Getting a prenup in Texas can still be beneficial even if you don’t own any assets. Here are some examples of what you may want to consider covering in a prenuptial agreement:
- Asset division
- Debt allocation
- Spousal support
- Business ownership
- Inheritance rights
While prenups in Texas can cover everything in the Texas Family Code Section 4.003 (a), it is important to keep in mind that prenups cannot:
Encourage divorce
Include personal matters unrelated to finances
Be unfair or unreasonable
You can still consider a postnuptial agreement if you didn’t sign a prenup before getting married. This agreement is like a prenup, but it’s signed during the marriage instead. The main difference is that you and your partner may have acquired new assets or property by the time you decide to sign a postnup, whereas, in a prenup, you would be planning for these assets ahead of time. It’s still the same process, just at a different point in time!
You can get started in the prenup process by researching prenup lawyers near you, and engaging with a lawyer in a consultation. However, the difficult part is the cost, with most prenup services costing around $800-$900. However, no need to worry; Texas Legal is here to help! As a non-profit organization, we help our members get access to prenup legal services with affordable monthly or annual premiums. You can get coverage for a prenup/postnup, and find a high-quality attorney through our Online Attorney Finder. We help cover the prenup lawyer’s costs so you can focus on making memories of getting married! If you’re interested in becoming a Texas Legal member, you can check out our plans or join now!
If you are looking to get a prenup* in Texas, or to receive legal protection at an affordable cost in a variety of legal services, contact us today! Protect yourself from life’s unexpected events with Texas Legal by your side.
To understand more about what Texas Legal covers, review our plan benefits, and if you’re ready to receive legal protection, join now.