Marriage is an emotional and spiritual union without a doubt, but it also represents a highly regulated financial union between spouses. With the divorce rate in the U.S. trending at about 50%, more and more couples are using a prenuptial agreement as an insurance policy to protect their interests. In fact, the number of people with a fiancé or spouse who reported having a prenuptial agreement increased by 300% from 2002 and 2010.

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Prenuptial agreements are not just for the rich and famous anymore. Anyone who has assets, an inheritance or earning potential that they want to protect can benefit from having a properly drafted prenuptial or post-marital contract.  Many financial experts and attorneys would argue that anyone contemplating marriage who can afford a prenup should get one. Likewise, many couples feel that a marital agreement is in their best interests for a wide variety of reasons, including the following:

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• Current or future earning potential of either person

• Discrepancies in assets or earning potential between the parties to the marriage

• To keep property owned by each spouse prior to the marriage separate

• Either party to the marriage has accumulated wealth and assets

• Either party to the marriage has accumulated debt or is likely to following the marriage

• Children or support obligations from a prior marriage

• Expectation of an inheritance

• Ownership of all or part of a business

• The need to provide for other family members

• To avoid spousal support/alimony

• To contract for specific terms relating to spousal support/alimony

Some engaged couples elect to forego a prenuptial agreement because one or both parties find the notion of an agreement that plans for divorce to be inconsistent with their idealistic and optimistic outlook on love and marriage. However, optimism that a split “will never happen to us” is not a good financial plan given that one out of every two marriages end in divorce, and many divorced people regret not having entered into a prenuptial agreement with their ex-spouse.

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In contrast, more and more couples are finding that having a written prenuptial agreement gives them the peace of mind to enter marriage with confidence and enthusiasm. In the unfortunate situation of a divorce, the prenuptial agreement (or postnuptial agreement) serves as a roadmap to enable the parties to efficiently finalize their divorce settlement agreement. A prenuptial agreement can enable a couple to avoid an expensive and painful contested divorce, and sometimes the need for the involvement of divorce attorneys altogether.