Why Are Prenups so Important in the Post-COVID Age?
Even though half of all marriages end in divorce, only about 5% of couples arrange a prenup. It can feel a little awkward discussing this topic before a wedding, but it is an important method for protecting you and your fiancé. In the post-COVID era, prenups are going to be more useful than ever, so you should definitely consider getting one.
A Prenup Makes It Easier to Separate After Cohabitation
With COVID-19 making it hard to host a big wedding, more and more couples are deciding to go ahead with purchasing property, having children, and making other big life changes before marriage. However, from a legal perspective, only assets acquired after a marriage are easily split up in a divorce. This means that if a couple eventually marries after COVID and then separates, it can be hard to decide how to handle important aspects of custody and property division.
For example, if the couple bought a house together, got married, and then divorced, who gets the house? Getting a New Jersey family law attorney to help you draft a prenup simplifies these sorts of complex questions. It clearly specifies what counts as your private property and what counts as communal property to be divided in a divorce. As the pandemic draws to a close, more couples will be in complex cohabitation situations that can benefit from the clarity of a prenup.
More People Need Peace of Mind After COVID
COVID prenup rates have been on the rise because people are tired of uncertainty, and this is not likely to go away after the pandemic ends. The coronavirus outbreak has made us realize that life can be random and unpredictable. People no longer assume that everything will work out happily in the end. Instead, more and more people want to protect themselves and prepare for the worst.
Prenups are a valuable form of peace of mind. Entering a marriage is a serious process that legally binds your life and your finances to another person’s. A prenup helps reassure people that, even if disaster hits their relationship, they will be OK. The right prenup can keep a divorce relatively friendly and help protect people’s individual assets. This sense of security will be invaluable as couples work to recover from COVID-19.
Prenups Help Handle All the Financial Challenges Following COVID-19
Another one of the major benefits of prenups is that they are helpful for situations where there are a lot of financial factors to consider. Because of the effects of COVID, more people than ever are in a precarious financial position. Some may be doing well because they can live in a cheaper rural area while working remotely for a big company. Others may be struggling after layoffs and small business closures. Whatever you and your partner’s situation, a prenup can help.
As many couples have found, a prenup can be a great way to have all the tough conversations before marriage. It allows you to lay all your cards on the table, discussing debts and future financial goals with your partner. If COVID-19 has left one spouse out of work, they and their partner can discuss a solution that works well for both people. The sorts of financial issues that frequently lead to divorce will already be discussed before your marriage, helping you keep your relationship stable. Since people are likely to be dealing with financial challenges long after COVID ends, it is important to prepare for them before your wedding.
If you are interested in learning more about how to get a prenup, Morgenstern & Rochester can help. Our team of New Jersey family law attorneys can discuss your current situation with you and recommend the best type of prenup for your needs. We are also Cherry Hill’s trusted attorneys for other areas of family law, including divorce, child custody, and spousal support. Arrange a consultation with our team by calling (856) 489-6200 or filling out our online contact form now.