Who Needs A Prenuptial Agreement?

Many people think the rich, the upper class, and the famous are the only couples who need or want a prenuptial agreement. In reality, average

income couples also need prenups. Interestingly, since the Great Recession of 2007-2012, more and more couples in Minnesota are choosing to get Prenuptial Agreements (also referred to as Antenuptial Agreements or Prenups).

 

Typical couples who need Prenuptial Agreements include, but are not limited to:

• Couples where one spouse has significantly more assets than the other
• Couples marrying for the second (third or more) time
• Seniors/Older Adults who wish to protect their life savings and assets to pass down to their children
• Anyone who owns their own business
• Anyone who owns a home, cabin, or other assets
• Anyone who wants to protect their own assets and future

Although the conversation can be difficult, Prenups are nothing to be afraid of and should be considered an opportunity to openly organize their financial plans if the unfortunate situation of divorce occurs. We agree it’s not a very romantic issue to consider; however, it is the realty of 40-50% of marriages in the United States. As of 2012, the divorce rate in Minnesota was that 10% of all first marriages ended in divorce. The rate was higher for secord or third marriages.
The benefits of Prenuptial Agreements are that you can create a solid plan to protect assets, ensure financial goals, and create a solid foundation for your marriage.

What Are Prenuptial Agreements?

A Prenuptial Agreement is a contract, notarized and corroborated by two witnesses, entered into by a couple contemplating marriage that spells out what you and your spouse will receive from the other in case the marriage ends in dissolution or divorce. A Prenuptial Agreement also allows couples to lay out how their estate will be paid out to their spouse or if their estate will go to their family. Of course, no one wants to think about the possibility of ending a marriage before it even gets started, very unromantic; however, it is a very important issue to consider. With the help of an experienced and thoughtful attorney, it can be easier than you may think. In addition, it could save you and your spouse money and future conflict.

A Typical Prenuptial Agreement In Minnesota Includes:

• Division and ownership of property
• Divsion and ownership of debts
• Spousal support
• Inheritance of property

How Much Does A Prenup Cost In MN?

The cost of a Prenuptial Agreement in Minnesota can vary greatly depending upon the complexity of the couple’s finances, the Minnesota prenuptial attorney chosen, as well as the amount of negotiation needed to reach an agreement. Compared to the cost of an average wedding or divorce, Prenuptial Agreements are relatively inexpensive – relatively speaking, of course. It’s a one-time cost for something you hope to never use, but if you do find yourself in the situation where you need it, it will save you money and additional conflict in the end.

Free Do-It-Yourself Prenup Agreement Vs. Hiring A Prenuptial Lawyer?

DIY Prenups done online or with Minnesota state forms may save you money in the beginning, but if not written correctly it could quicly turn into a financial disaster and result in a lot of conflict in the end. You may think that you’re saving money now by not using a licensed prenuptial attorney, but it will probably be a lot more expensive in the end. To ensure a clear and binding premarital agreement, experts recommend hiring an experienced MN licensed attorney. Along with ensuring that the agreement meets all Minnesota law requirements, other topics such as alimony (spousal maintenance), special considerations for career decisions, and division of assets can quickly and easily make the agreement very complex. It is important to note that a poorly written Prenup can result in great mental anguish and sorrow for both parties involved – not to mention the additional financial burden.

How Do Prenuptial Agreements Protect You?

Prenuptial Agreements allow people to consider the financial ramifications of marriage, but they also reduce conflict in the event of a divorce, protect assets, and ensure financial goals. Anyone who has gone through a divorce can tell you that the less conflict there is in dissolving the marriage, the lower the financial burden will be to both parties. In addition, a Prenuptial Agreement can protect the desires of a spouse in the event of death if there is an executed will.

You might want to consider a Prenup if one or more of the following is true:

• You own or co-own a business or businesses.
• You recieve a large inheritance. 
• You expect to see a large increase in income. 
• One spouse is much wealtherier than the other. 
• One spouse plans to support the other financially through post-secondary education.
• You have or will have a license or degree in a lucrative profession.
• You have valuable property, such as real estate, stocks, or savings. 
• You have parents or other loved ones who need a secure financial future.

Do You Need To Be Rich To Get A Prenuptial Agreement?

One of the biggest prenuptial myths is that only the wealthy get Prenuptial Agreements! The truth is, Prenuptial Agreements are for every-day, ordinary people. Given the high legal fees and stress involved in divorce, as well as the increasing financial independence that individuals’ desire, any couple contemplating marriage can enter into a Prenuptial Agreement. Most often, couples should consider the benefits of executing a Prenuptial Agreement. Most prenuptial or family law attorneys will answer some basic questions during a free consultation period.

Need An Experienced Prenuptial Attorney In Minnesota?

The family law attorneys at Martin & Wagner, P.A. in Rogers, MN are experienced MN Prenuptial Agreements. For more information or to schedule a free 1/2 hour consultation with an our Minnesota prenuptial lawyer, call Martin & Wagner, P.A. at 763.425.6330 or complete our Contact Form.