With the high divorce rate in the United States, it’s no wonder why the percentage of people who enter into a prenup has been on the rise. One of the major reasons for this trend is the amount of assets that may be at stake in case there is a divorce in the future. Most Alabama spouses understandably would like to preserve their finances, and that results in the rising chances of couples entering into a prenuptial agreement.
The American Psychological Association revealed a survey that suggests that approximately half of marriages end in divorce. When a spouse is headed out the door, so are some of the assets that a couple has accumulated over the years. This is why prenups are so important and it illustrates how assets will be divided upon divorce. A prenup safeguards spouses by outlining who will keep property that was owned before and accumulated during the marriage.
It also covers who will be financially responsible for marital property, such as a home, in case of a divorce. Furthermore, prenups go beyond finances and can protect spouses when it comes to child custody. It can be important to keep in mind that prenups do not cover spouses if the agreement is in violation of state laws. This is especially true in regard to child support or spousal support.
A prenuptial agreement can be beneficial to most spouses, especially those who have a large amount of assets at stake. Marriage is not guaranteed to last forever and Alabama spouses may want to be prepared just in case divorce should happen. It is important for spouses to make sure that their prenuptial agreement is legally binding in regard to the area they reside.
Source: U.S. News and World Report, “For Love or for Money: Should You Get a Prenup?”, Ginger Dean, April 25, 2014