You’ve met Mr./Ms. Right, and you’ve set a date to tie the knot. Do you need a prenup?
When planning their wedding, couples usually look forward to picking out invitations, reception venues, and honeymoon destinations together, but many fail to tackle one issue that will have a lasting effect – how finances will be handled during, and potentially after, the marriage. It can be an uncomfortable conversation. And mentioning “prenup” causes some people to think the future spouses are focused on the end of the marriage before it even begins.
But these days, many people are getting married later in life, after they’ve already had time to establish a career or business, accumulate assets (and sometimes debts), and have children. Having a prenup can help to avoid future litigation and protect these assets, children, and individuals in the event of death or divorce.
What is a Prenup?
A prenuptial, or premarital, agreement is a private contract signed by both parties and notarized prior to marriage, specifying how property will be shared during the marriage, how it will be divided upon divorce, how it will be devised upon death, and whether either party will pay alimony to the other. The document generally includes an inventory of what each person earns, owns, and owes.
Who needs a Prenup?
Regardless of your age or income, a prenuptial agreement can ensure everyone is on the same page going into the marriage, setting expectations and providing a clear roadmap for how finances will be handled during the marriage. Without a prenup, state law will control how property is divided in the event of divorce or death. And a contested case could take years to resolve and eat up much of the parties’ hard-earned assets in the process.
Consult with an attorney before signing a prenuptial agreement
We can work with you to tailor a prenuptial agreement for your unique circumstances. Don’t wait until the last minute to move forward with a prenuptial agreement – it can take several weeks to gather financial information, draft a document, negotiate the terms, and finalize an agreement.
For more information about prenuptial agreements, contact our office today to schedule your consultation.