You may have recently entered a new relationship status—fiancée. However, the last thing on many new couples’ minds is a prenup.
Couples often wonder if they need a prenuptial agreement. While some couples view a prenup as an exit strategy to a quick divorce, others view it as an insurance policy.
Think of it this way, are you doomed to be in a car accident when you ride in a car with airbags? No, of course not. They are an added safety measure, just like a prenuptial agreement. Your marriage will not be jinxed or headed for disaster by having a prenup.
While divorce is the last thing on your mind as an engaged couple, having a prenup can be instrumental in starting the marriage off on a clear footing. This way, everyone can be on the same page regarding marriage and the outcome of a divorce.
The key to a long and happy marriage is communication. The ability to openly communicate with your fiancée about the prospect of entering a prenuptial agreement can be a great way to start.
What is a prenup?
A prenuptial agreement is a legal contract used by marrying couples. While every prenup is different, most will outline what will happen concerning property and spousal support if the impending marriage ends in divorce.
The terms of your prenup can be unique to you and your needs. A qualified attorney can help guide you in drafting an agreement that will satisfy both you and your fiancée. Some prenups even stipulate expiration dates.
Who needs a prenup?
Simple answer, everyone!
Just like a Will prevents the State and Federal legislature from making decisions about the disposition of your property, a prenup prevents decisions from being made about the ownership of your property in a divorce.
Whether you make more or less money than your future spouse, you may want a prenup. If either party owns valuable assets or holds a lot of debt, you may want a prenup. Those entering marriage with children from a previous relationship may want a prenup.
Bottom line, there is no exact right or wrong reason to enter a prenuptial agreement. After all, prenups are not ironclad orders followed to the letter. They merely provide a foundation to work from during a divorce.
Each party should have legal representation through the prenup drafting process. Our office is happy to help clients translate reasons for forming a prenup into an agreement that can easily be understood and acceptable to both parties.