In our last post, we mentioned a new study showing that divorcing at a young age is actually more harmful to a person's health and well-being than divorcing at an older age. We also noted that prenuptial agreements are an indispensible tool in ensuring one's financial security in the event of a divorce.

Oftentimes in marriage one spouse will contribute more than the other, but all assets, income and property are commingled, entitling the other spouse to half. This includes not only wealth brought to a marriage, as well as wealth acquired during the marriage and sometimes after the marriage ends. Prenuptial agreements can change these default divorce transactions, though.

As we noted last time, there is often resistance to looking into a prenuptial agreement. According to a recent Harris Interactive poll, almost half of divorced individuals say they wish they had a prenuptial agreement, and 44 percent of single adults say they would want a prenuptial agreement. Still, only around 5 percent of couples get around to putting such an agreement in place.

Nowadays, prenuptial agreements are widely viewed as strengthening the marriage partnership. The Michigan Supreme Court has written that prenuptial agreements ensure predictability and allow for planning the future with increased security.

Prenuptial agreements do not require a minimum amount of property or specific goals. They can be established by a couple, and tailored to their specific needs.

Prenuptial agreements also, because of their ability to protect property, should be stongly considered as part of any asset plan.

Source: Huffington Post, "Careful Marriage Contract May Facilitate Less Painful Divorces," Joseph E. Cordell, January 27, 2021.