About a year ago, we posted here about a trend that was being noticed among family law practitioners around the country. It had to do with the increasing number of cases in which couples were adding social media clauses to prenuptial agreements.
It may be interesting to Minnesota readers that the trend has not waned. Indeed, it has apparently become so prevalent that it is now cited by at least one source as one of the most popular reasons why couples today decide to get prenuptial agreements.
If you stop to think about it, it can make good sense. As the post last year noted, one of motivations for including restrictions on social media posting is for privacy protection. Divorce can bring out the worst emotions in the parties involved and that can lead to one or the other of them lashing out. If it leads to posting embarrassing pictures or information about the ex-spouse that causes personal or professional damage, that’s worth preventing.
But privacy concerns aren’t the only popular reason couples seek prenuptial or postnuptial agreements. Legal observers say there are a string of them. They include:
- Ensuring that assets, debts or obligations from a previous marriage don’t become tangled up with the finances of a new union.
- Guaranteeing that both parties in a second or third marriage know and understand each other’s intentions regarding financial plans for previous and current family members. A will can cover certain details, but a prenuptial agreement can frame things within the context of the new relationship.
- Business protection. If both parties to the marriage happen to have their own enterprise or are involved in a family business.
What all these observations point to is the value of thoughtful planning and the high level of care that it reflects.
Source: The Huffington Post, “Everything You Need To Know About Prenups,” Ivy Jacobson for TheKnot.com, June 1, 2015