Who needs a prenuptial agreement?

With marriage comes a lot of unification and the marrying of not only two people, but their lives, their assets, their families and so much more. Most do not go into marriage thinking of a future demise of the relationship, but realistically there are certain protections that should be considered. Many seek out marriage counseling before they tie the knot, some even seek out legal counsel to ensure they have all their affairs in order.

What is a prenup?

A prenuptial agreement commonly referred to as a “prenup,” is a written contract entered into by two people prior to their marriage or civil union. A prenup enables the couple to have the ability to select and control many of the legal rights they will gain by marriage, and what will happen when their marriage eventually ends by death or divorce. Couples often enter a prenup to have a mandate in place in the event of divorce covering the governance of the division of property, retirement benefits, savings, and the right to seek alimony.

What do I need to know before signing?

Every state has their own laws regarding the enforcement and validity of prenuptial agreements. The location in which the marriage occurs dictates the laws to follow on the prenuptial agreement. Fairness is of utmost importance in agreeing on prenups. Most states require the agreement to be fair and all parties must fully disclose their assets and each signer needs their own attorney. The idea of fairness is dictated by the circumstances of the individuals involved. Full disclosure is not up for negotiation. One thing to keep in mind is that expected inheritance must be itemized in a prenup as well.

How do we discuss a prenup?

The discussion for a prenup should happen well in advance of your wedding. In fact, in some states, if you wait until the week before the marriage to sign a prenup it can be overturned potentially. It is important to remember that though you are a couple, you do need separate legal representation to have your best interest represented. While no one plans to get divorced, knowing the stipulations of a prenup are important to protect your assets and as such, you should talk with your partner about that.

Is there anything off the table?

There are several things that are off-limits in a prenup. For example, premarital assets are usually off-limits. Typically, states require that any assets brought into the marriage remain the property of the individual. Children are also off the table. A prenup cannot provide for or limit child support or rights related to children.

The old mantra rings true when it comes to prenuptial agreements, “hope for the best, plan for the worst.”