Are couples nowadays more inclined to have a prenuptial agreement before getting married? Have the times changed and people who are (at least) at the moment deeply in love with each other can now set aside their emotions and go about discussing the fate of their finances should the marriage go awry?
Looks like it. Based on recent studies, from the years 2013 to 2016, millennials, who are at the ripe age of getting married at this point in time, are experiencing a rise in ironing out a prenuptial agreement to about 62%.
That’s quite significant, and the numbers are sure to continue to rise come engagement season.
Having said all of that, we sincerely encourage you to do the same. Let’s talk about it more.
By the Numbers
If you and your partner have been thinking about how to get a prenup in PA then you’re not alone. Especially during engagement season, thinking ahead is always going to serve both of you better.
The number of people getting engaged during this time of the year, i.e. December through February (or on Valentine’s Day) rises. That’s up to about 37% more than usual, although this is a combination of people either getting married or engaged.
So, naturally, the more people getting engaged, the more people looking to get a prenuptial agreement, right? This makes it “prenuptial season” at the same time.
Let’s take a look at some more of the statistics though to give you a better perspective on how things are.
Yes, the number of younger couples that decided to get a prenuptial agreement in recent years saw a significant rise, but take note that the statistic we mentioned earlier is just for a short span of time and only focused on millennials.
Overall, there are still not a lot of soon-to-be-married individuals that decide not to go in that direction. Only about 5% to 10% of married couples iron out a prenuptial agreement.
That statistic is going to be a lot more amplified and contradicting if we add in the divorce rate in the country. The US has one of the highest divorce rates in the world, averaging around 750,000 divorce cases per year. That’s about 50% of marriages ending in divorce.
So, why do couples still decide against protecting their assets through a prenuptial agreement in spite of these staggering statistics regarding divorce?
The Reason(s)
Couples about to get married are going to throw a lot of reasons your way why they won’t get a prenuptial agreement and even tell you that it’s going to ruin their love for each other and be a reason why their marriage is devoid of any meaning.
You’ll also hear that prenuptial agreements are not fair, inconsiderate, and will lead to bad memories during the marriage. Some say that prenups go against the very fabric of its concept of it.
Let’s not forget the fact that a lot of these couples are in the honeymoon stage of their relationship and this leads to the biggest reason why they won’t get a prenup. Not a lot of couples think that they’ll ever get divorced.
Did you know that in spite of the staggering statistics that almost 50% of married couples eventually divorce each other, 88% of soon-to-be-married couples are optimistic that their marriage will last forever?
We don’t know about you, but most of the time, the numbers don’t really lie.
It’s not about being unromantic or pessimistic but that’s just how probable marriage ending in divorce is and it would be wise to at least protect yourselves with a prenuptial agreement early on.
Prenuptial agreements do not spell doom to a marriage. It does not go against the very fabric of it when thinking that in the first place undermines the very love you both wish to cement. In marriage, you vow to stick with each other through thick and thin. You can’t let a set of documents get in the way now, can you?
Does the cost of a prenup in PA make couples think twice about getting an agreement? We doubt it. If you weigh the pros and cons of setting up one, the average cost of a prenuptial agreement in the country (which is right around $2,500) will be very worth it.
Why Prenuptial Agreements Are Prudent
Another huge reason why, and without malice, people choose not to have a prenuptial agreement is that they think they own very little or no assets (or anything of value) at all currently.
But, that’s an incorrect notion because people tend to forget the biggest asset that they need to protect no matter the circumstances and that’s their capability or potential to earn money.
What if a marriage indeed does not work? How are you going to divide your assets that were accumulated or invested when you were still together? During a divorce settlement, your emotions will no longer matter and only the technicalities do. That’s also a point in time where you’d probably beat yourself up and think over and over again why did you not secure a prenup agreement.
Think about this, when you first went into marriage, more often than not, both of you are working and have a budding career, probably already earning a lot. What happens if one is expected or forced to give up a career? Their potential to earn money is severely decreased while the other keeps on reaping value.
We’re going to make this really simple and concise. What will happen or what protection does the spouse who gave up her career and potential to increase their value or potential to earn money to financial ruin when the marriage dissolves?
Years have probably gone by and now their ability to get back into the professional world has significantly lowered. It’s not impossible to find a job but it will be very challenging. Consider that the spouse who kept on working would probably claim that “they paid for this and paid for that.” What would then be left to the other who spent time raising their kids and made sure that everything else in the household was copacetic?
This is the kind of protection that a prenuptial agreement would provide. If you truly care about each other then you’ll think about protecting each other, no matter what it takes. Prenuptial agreements don’t ruin marriages; they should, as a matter of fact, strengthen them even more.
The Problem With Gifts and Inheritances
Laws vary from state to state but this is where Pennsylvania prenup laws will protect you. Please take note that any gifts or inheritances that you receive from your parents or in-laws will be considered marital property. That may lead to a lot of problems when it’s time to divide assets in divorce discussions.
What if the gifts are in the form of deeds or shares in the business? Things can get way too complicated to be handled later on. Ironing out such agreements before getting married is really the most prudent way to go to protect your assets.
Making Sure That the Agreement Protects You Both
There’s a lot of people who will advise you against going for a prenup and will tell you that the process is inherently unfair. Well, make it fair for both parties then, it’s that simple. Craft a robust prenuptial agreement in PA by hiring a reputable and passionate firm that really cares about what you intend to do.
Make sure to institute a phasing in when it comes to the sharing of assets, make provisions when things change, and just be fair with the negotiations. We know that it’s a prenup but there’s nothing telling you to be greedy.
Also, remember that prenuptial agreements are not just for the rich and famous. Anyone should take advantage of them. Stop believing myths and ask for legal advice instead to learn more instead of fearing it irrationally.
Conclusion
So, what are you waiting for? Go ahead and grab that Pennsylvania prenuptial agreement form and let’s get yours crafted. Here at the Law Offices of Paul Brownstein, we make sure that you are protected amidst the complications of marriage, and in case of a divorce.
With five decades of experience, there are not a lot of cases this firm has not tackled. So, rest assured that you’re in good hands. Still have questions? Contact us today. When engagement season is here, the prenuptial season is soon to follow.
