The Wall Street Journal writes about prenups and whether they should be used by couples planning to marry.  Its article begins as follows:

It may not be the most romantic idea, but many couples planning to marry opt for prenuptial agreements. In a survey of 1,600 members of the American Academy of Matrimonial Lawyers, a professional group based in Chicago, published in October 2013, 63% of the respondents reported an increase in prenups over the previous three years.

Prenups come into play in divorces, of course, but that’s not all. Besides establishing how assets are divided when a married couple splits up, prenuptial agreements also can determine who gets what when one spouse dies.

With that kind of power over people’s financial fates, these are controversial documents.

Some proponents of prenuptial agreements argue that they protect the interests of both parties to the agreement and prevent nasty, costly court battles when a relationship ends. But some critics say the nastiness that can arise in negotiating a prenup can cripple a marriage before it even starts, and that there are laws on the books that do a better job in most cases of balancing the interests of both spouses when they split or one dies.

Read full article at Is a Prenuptial Agreement a Must for Most Couples? – WSJ.

 

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.