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Prenups for students

On Behalf of | Jan 22, 2019 | Divorce

It is not unusual for young people in Arizona, or just about anywhere else, to decide to get married while still pursuing an undergraduate or graduate education. Because these couples are usually quite young and don’t have a lot of assets, they may decide to forgo a prenuptial agreement. This can be a mistake.

Students very often have unique financial circumstances that could affect marital finances. In addition, while nobody gets married with the anticipation of eventually getting divorced, the reality is that at least some marriages will end. Having a prenuptial agreement may help to simplify the divorce process and allow both spouses to rebuild their finances quickly.

Some considerations for a prenuptial agreement may include how student loans will be addressed by each party as well as funds that each individual partner brings into the marriage. The prenuptial agreement could also address what each spouse would receive should the union come to an end.

Drawing up a prenuptial agreement also requires the engaged couple to discuss finances. Since many, if not most divorces are connected to financial conflict, addressing issues of money, property, investments and debt before marriage can help clear the air and ensure that partners understand each other’s financial situation and expectations.

Someone who is considering getting married may benefit from consulting with an experienced family law attorney. The lawyer might be able to evaluate the client’s situation and make suggestions regarding an appropriate prenuptial agreement. An attorney could also identify potential red flags that could indicate financial deception or create areas of conflict in the years to come.

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