MINNETONKA, Minn. — We've all heard that 50% of marriages end in divorce. While many people have believed that statistic, some experts say it's not true.
Experts say for years, divorce rates have been falling.
While that's excellent news, some legal experts say every person tying the knot should still consider a prenup just in case.
A prenuptial agreement or "prenup" is a written contract created by two people before they're married. You typically get one to protect your financial interests.
Even if you don't have a lot of money or assets, lawyers say a prenup is still good because it helps set clear financial expectations if you and your partner divorce.
Legal experts say finances are one of the top reasons couples split.
"I tell clients it's almost like an insurance policy where you hope that you never have to use it, but it's always there to fall back on in the event that you do," said Jenna Eisenmenger, a partner at Heimerl & Lammers.
So what happens if you have a prenup and end up getting a divorce?
It depends on what the prenup says and what both people agree to. As long as the agreement is considered valid by a judge, how you divide your assets, liabilities and debt will be upheld in court.
"We see prenups where spouses agree to keep their respective debts. In those instances, they would identify in the prenup what debts they currently have, and those would remain their individual debts as long as they don't intermingle it," said Eisenmenger. "Any joint debt in these more common prenups would then simply be subject to the standard Minnesota divorce laws."
You can find more information on the prenup process in Minnesota here.
Watch more KARE11 Sunrise:
Watch the latest coverage from the KARE11 Sunrise in our YouTube playlist: