Statistics have shown that nearly 50% of all first marriages end in divorce. That percentage increases to 60% for subsequent marriages. While no one wants to consider the possibility of divorce when contemplating marriage, the statistics make it clear that at least one half of all marriages will fail. Divorce in most circumstances causes both an emotional and financial toll on all parties involved, this toll can be minimized, however, if an agreement is put into place in advance of entering into a marital partnership.
Over time the trend for entering into pre-marital agreements has changed. In the past, the trend for entering into a premarital agreement was predominantly geared toward parties who were considering a second or third marriage. In those instances, the parties had already experienced a divorce and wished to protect assets accumulated in equitable distribution from prior marriages, address the issue of spousal support and preserve their estate for their children from prior marriages. In recent years, however, that trend has now shifted and extended more frequently to parties entering into premarital agreements for first marriages. With the increasing trend of parties getting married for the first time later in life, those parties are more likely to have purchased a home, acquired significant investment or retirement savings, or started a business which they wish to protect and address as part of a pre-marital agreement.
Although every person’s particular financial circumstances differ, when entering into any marital relationship, all parties should explore their options of entering into a pre-marital agreement well in advance of their marriage date. Our family law attorneys have drafted and negotiated countless agreements and will provide you with advice based upon your particular circumstances and tailor the agreement accordingly.