Financial experts encourage use of prenup as many wait longer to marry

February 23, 2013 (Press-News.org) Financial experts encourage use of prenup as many wait longer to marry

Article provided by Salley & Salley, Attorneys at Law LLC
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Results recently released from a study spanning over four years conducted by the National Center for Health Statistics found that Americans are waiting longer to tie the knot. The average age of marriage for women increased from about 20 in 1970 to 25, for men the average changed from 23 to 28.

People are waiting for various reasons. Many are postponing marriage to get a higher level education and focus first on developing a career. As a result, those who wait longer to marry often bring various assets into the union. For some, this could include property like a home or other piece of real estate as well as financial investments including stock portfolios and retirement savings. As a result, financial experts are advising those planning to walk down the aisle to seriously consider a prenuptial agreement.

Things to consider if marrying later in life

Waiting longer to marry does not appear to impact the nation's divorce rate. According to the same study, First Marriages in the United States: Data From the 2006 - 2010 National Survey of Family Growth, the divorce rate continues to hover around fifty percent.

Once married, many assets merge. Depending on how assets are managed, a spouse may have a claim on property, savings accounts and other assets during a divorce determination.

Protect yourself

"A prenup is a form of divorce insurance," one financial expert told Fox Business. It provides couples with a certain level of protection over their assets if the marriage ends in divorce.

This agreement can offer couples an opportunity to discuss their financial situation and proactively decide how to divide assets in the event of a divorce.

Prenuptial and postnuptial agreements in Louisiana

Louisiana state law allows the use of both prenuptial and postnuptial agreements. Both agreements allow couples to have a level of control over the division of assets. The key difference between the two documents is the timing. A prenuptial agreement is developed prior to the marriage while a postnuptial agreement is entered into during the marriage.

Although various types of assets can be included in these documents, there are exceptions. A common example involves children. Generally, a couple is not able to outline how to manage child support payments in either document. This question is usually addressed during a divorce proceeding.

In addition to allowing the use of these agreements, state law also encourages courts to enforce them. In order to better ensure that a prenuptial or postnuptial agreement offers financial protection, it is wise to seek the counsel of a professional. An experienced prenuptial agreement lawyer can help put together a prenuptial or postnuptial agreement, or review one that already exists, to better ensure the document addresses your specific needs.