Prenups are popular among baby boomers as a means of preserving financial security in the event of a divorce.

Most people would not leave the planning of an elaborate wedding until the 11th hour. Similarly, soon-to-be newlyweds should not postpone until the last minute a discussion pertaining to whether they should execute a prenuptial agreement. AARP Magazine published an article wherein the author observed that "prenups aren't for sissies." What the author meant is that, if you are engaged to be married, discussing a prenup before the wedding may seem to you like a prudent and fiscally responsible way to engage in future financial planning. However, to your intended spouse, bringing up the subject of a prenuptial agreement prior to the wedding could very possibly come across as an offensive slight akin to the proverbial slap in the face.

According to the Oregon Bar Association, the basic purpose of a prenup is simply to have a contract in place-before marriage-that determines the parties' respective rights and duties as to property and support obligations should they later divorce. In other words, a prenup allows a couple to decide in advance what rights each of them will retain over certain assets in the event of a divorce. The basic requirements for a prenup are: (1) that the agreement is in writing and (2) both parties must fully comprehend the effect of the agreement and any rights that they may be giving up by signing it.

Years ago, prenups were viewed as being primarily for the rich and famous. That is no longer true. An article on the Marketwatch website observes that baby boomers looking to protect their assets are increasingly turning to prenups. Baby boomers' romance with prenups began in earnest after the 2007 economic downturn which caused significant chunks of boomer net worth to drop significantly. According to Marketwatch, boomers became anxious about holding on to whatever assets survived the Great Recession. Prenups are useful if you have assets you want to preserve for children from a previous marriage or if you own a business that you want to keep within the family.

It may take courage to bring up the subject of a prenup with your intended spouse. A discussion about executing a prenup is definitely not romantic. However, summoning up the fortitude to discuss a prenup could head-off a contentious property division battle over assets if a divorce occurs. Couples may also wish to consider signing prenups in order to divide debts arising from student loans, mortgages, medical bills and monies owed to credit card companies.

Considering a prenup

The Oregon Bar Association strongly suggests that you seek the advice of an attorney before you put your signature on a prenup placed before you. Indeed, if a couple is contemplating a prenup, it is suggested that both should speak to separate lawyers well before the wedding. Keep in mind that, once executed, the prenup is a binding contract which can be revoked or changed only by a subsequent written and signed agreement.

Seeking advice

If you are preparing to get married, but have genuine qualms about how you and your spouse-to-be will deal with financial issues, you need to talk to an attorney experienced in handling Oregon family law matters. Do not wait until the last minute to seek advice on the advisability of a prenup. An attorney can talk to you about your financial concerns and propose how a prenup could be drafted in order to best protect your financial interests as well as the interests of those you care most about.

Keywords: prenuptial agreements, divorce, marriage