Massachusetts residents considering divorce have many decisions to make. Some divorce proceedings are relatively simple, as there are no children or assets to consider, while other divorce proceedings require lengthy amounts of time attempting to determine the equitable distribution of property and other assets. Due to issues such as these, many couples have begun to consider prenuptial agreements. On June 5, 2013, in a post titled “A prenup can simplify Massachusetts property division“, we told our readers about the best ways to establish a prenup and be sure that it is valid. What many couples may not understand is that most states have a prenup of sorts already in place.
Some individuals spend a significant portion of their years acquiring significant assets and building their careers. Once they make the decision to be married, many do not consider the possibility of that union dissolving. When a marriage does dissolve, regardless of the generosity of one spouse to the other, it is important their marriage end equitably. When there is no prenup, then it may be up to the state to determine what is fair and equitable, which may not be in the best interests of both spouses.
When the state is left to divide property, regardless of how simple or complex the assets may be, a one-size-fits-most approach is used in place of a tailored plan designed to fit the needs of each spouse. The equitable distribution of assets is important to each individual’s financial future, which is one reason why a prenup may be beneficial. While some may feel reluctant to discuss a prenuptial agreement with their significant other, it can be an important key to a financially equitable and secure marriage.
Without proper, written and valid protections in place, property division can be costly should the marriage end in divorce. Massachusetts has specific laws to address the division of assets during the dissolution of a marriage, and it may benefit couples to consider these laws before and after the wedding. Should couples determine that a prenuptial agreement is in their best interests, they may also find it in their best interests to seek a proper avenue for establishing an equitable, legal document.
Source: Forbes, “Skittish About A Prenup? Like It Or Not, You Already Have One,” Jeff Landers, July 17, 2013