Congratulations On Your Valentine’s Day Engagement! Have You Signed a Prenup Yet?

The topic of prenups is often seen as taboo. When it comes to couples in love, especially new fiancés, no one wants to speculate about the possibility of splitting up. While celebrating an engagement, planning a fancy wedding, and dreaming about honeymoon getaways, the prospect of dealing with a messy divorce will likely be the last thought on a couple’s mind.

Yet around half of all marriages end in divorce. Although writing a prenup may be uncomfortable, planning for a future split is prudent. Contrary to popular opinion, prenups may also help strengthen relationships, as they offer an opportunity to open communication between an engaged couple and prevent misunderstandings and potential divorce.

What is a Prenuptial Agreement?

A prenuptial agreement, also known as a premarital agreement or a “prenup,” is a legal agreement between two people who plan to get married. It outlines the division of assets, property, and debts in the event of a divorce or separation. These concrete agreements allow divorcing couples to do cleaner splits while avoiding disputes over who gets what. Prenuptial agreements can cover a variety of categories, including property rights, spousal support, inheritance, and even the division of assets in the case of death.

Prenuptial agreements are designed to protect both parties if a marriage ends, or the marriage circumstances change significantly. They can be particularly useful if one or both spouses possess significant assets or property they want to protect. However, prenups are advisable for all couples, regardless of wealth, because they can help to establish a clear understanding of one’s financial rights and obligations in the event of a divorce.

If you have children from a prior relationship, do you want them to benefit from your hard work and accomplishments or would you prefer your assets to go to a cheating or emotionally abusive spouse?

Prenuptial Agreements Are Becoming Increasingly Common in The United States

Until very recently, prenups were seen as something only wealthy people needed. But today, many couples are beginning to recognize the benefits of having a prenup, regardless of their financial status. In 2010, only 3% of Americans who had been married or engaged had signed a prenup.

A recent Harris poll revealed that the figure had risen to 15% as of May 2022. One reason for the increase in the popularity of prenuptial agreements is that people are getting married later in life than in the past, giving them more time to have accumulated the assets they wish to protect. Also, prenups have become more accessible and affordable in recent years. Online legal services and standardized forms have made it easier for couples to create their prenuptial agreements, making the process more streamlined and efficient.

Millennials Are The Most Common Age Group to Want a Prenup

Another factor driving the increase in Americans seeking prenups is shifting societal attitudes about marriage and divorce, particularly among millennials. Many people in this age group watched their baby boomer parents endure messy divorces and have come to view signing a prenup as a way to make potential splits with their spouses less complicated and stressful.

This explains why 40% of those who signed a prenuptial agreement were between 18 and 34. While younger generations make up the greatest percentage, people of all ages seem to warm to prenuptial agreements. 42% of adults in the U.S. support using prenups, while 35% of unmarried adults state that they will likely sign one in the future. Divorce rates have been high in the United States for many years, and citizens recognize the importance of mitigating the sometimes ugly consequences.

5 Benefits of a Prenuptial Agreement in Georgia

If you are engaged or are planning to get engaged shortly, signing a prenup is one of the most important things you should do before heading to the altar. Opening up this topic with your soon-to-be spouse may initially feel awkward and uncomfortable. Still, prenuptial agreements are necessary and offer the best way to protect your assets and the futures of any children you may have in the event of a divorce or separation.

Here are five significant benefits of prenuptial agreements in Georgia:

1. Protection of separate property.
   Georgia is an equitable distribution state, meaning property acquired during the marriage is divided fairly, but not necessarily equally, during a divorce. However, a prenup can protect assets that each party brought into the marriage or acquired during the marriage as separate property.
2. Protection of business interests.
   If one or both parties own a business or professional practice, prenups can cover issues relating to these interests.
3. Clarification of financial responsibilities.
   A prenuptial agreement can outline each party’s financial responsibilities during the marriage, including how expenses will be paid and how joint accounts will be managed.
4. Avoidance of litigation.
   When a couple has a prenup, this can help to prevent costly and time-consuming litigation in the event of a divorce or legal separation.
5. Protection of future inheritance.
   Suppose one or both parties expect to receive an inheritance in the future. In that case, a prenuptial agreement can help to ensure that those assets remain separate property and are not subject to division in a divorce.

Talk to Attorney Sharon Jackson, Gwinnett County Prenup Lawyer Today

The prospect of walking down the aisle is nerve-wracking enough, and considering how to approach signing a prenup can add to that stress. But with an experienced prenuptial agreement attorney, the process can be quick and painless. Contact Georgia Family Law Attorney Sharon Jackson by calling (678) 436-3636 today to set up your free initial consultation.

For more information on divorce settlements, baby boomer prenups, and how divorce can impact family businesses in Georgia, click the links to our informational blogs.