SECURITY CENTER
COLUMNIST / BLOGS
TOOLS
PODCASTS/VIDEOS
How To Invest and Save Money
Britt Erica Tunick is an award winning financial journalist who has spent the past 17 years writing about virtually every aspect of finance. She has mastered the art of boiling down complicated financial topics for readers to understand. |
A Prenup should be considered by any couple where one or both partners are entering into the union with any kind of savings, investments or real estate in their name. Should things not turn out as planned you risk having to split everything you had prior to your relationship. Why You Probably Want to Consider a Prenup By Britt Erica Tunick It is no secret that people are waiting longer than ever to settle down. In 1960 the average age of people getting married for the first time in the United States was 20 for women and 22 for men. But as of 2012, those numbers had climbed to 27 and 29, respectively, according to research from Pew Research Center. The numbers climb even higher in cities and among individuals with college educations. With people waiting longer to marry, many more individuals have already amassed significant assets by the time they choose to settle down. If you or someone you know falls within this group a prenuptial agreement is something that should be given serious consideration. While many people associate prenups with Hollywood stars and musicians, in reality they are something that should be considered by any couple where one or both partners are entering into the union with any kind of savings, investments or real estate in their name. Because, let’s face it, while nobody gets married with plans of getting divorced, the number of marriages that end in divorce remains staggeringly high. Since the laws in many states say that a couple’s assets are to be divided 50/50 if they split, the only way to protect what you’ve worked so hard for is with a prenuptial agreement. It should also go without saying that this is one area where you don’t want to look for a bargain, as a poorly constructed prenup is unlikely to hold up if you end up divorcing. Though most attorneys will charge an hourly rate for the time they spend drawing up a prenup, such agreements are relatively standard. The average prenup will cost anywhere from $1,200 to $2,400, depending upon how elaborate your holdings are. Regardless of the complexity of your assets, however, since the rates attorneys charge can vary significantly, be sure to ask about costs upfront so that you don’t end up with an unpleasant surprise. Discussing a prenup with a future spouse may not be particularly romantic, but failing to do so can be far more uncomfortable and costly if things ultimately go south. If they don’t, it is something you can just file away and hopefully never have to think about again. |
Archive |