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Create a Prenuptial Agreement
Not every couple needs one, of course, but given today’s high divorce rates, a small argument over the terms of a prenup today can help avoid messy alimony fights and child custody battles a few years down the road. And prenuptial agreements are becoming increasingly common for second marriages or unions made later in life, when assets, businesses, and children often come with the deal.
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But is a prenup right for you? Before you decide, ask yourself this: “Do I…
- come into this relationship with a bunch of money?”
- have children from a previous relationship?”
- own a business that I don’t want to lose in a divorce?”
- plan to give up my career?”
- plan to support my spouse through graduate school?”
If you have carefully examined your situation and think a prenup might work for you, here are some things to consider:
- Make sure it’s necessary. If the only issues you may dispute involve the payment of alimony or child custody, you should know that many states don’t allow a prenuptial contract to determine alimony and none allow couples to resolve child custody arrangements.3 Check your state laws before you make this decision.
- Get legal help. It’s perfectly fine to draw up your own premarital contract, but as with any legally-enforceable contract, you should both have a lawyer look it over before you sign. The laws governing prenups vary by state, and courts tend to scrutinize them carefully, so you’ll want to find someone experienced and local. (For tips on finding an attorney, see our guide to getting the right legal assistance).
- Fully disclose before signing. Both sides are required to fully disclose all of their assets and liabilities prior to signing a prenuptial agreement. Failure to do so might void it later on, so now is the time to speak up. Besides, no one likes a surprise.
- Stick to finances. Courts will typically only uphold agreements involving money and assets, so don’t try sneaking in funny business about who gets to hold the remote. Even where children are concerned, prenups typically only cover assets you’d want them to have in the event of a divorce, not custody issues.
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Posted By Adryenn Feb 25 2:46 PM
To take the initial sting out of the concept of a PreNup, I counsel my clients to think of it as a Marital Partnership Agreement! Much like in any...
To take the initial sting out of the concept of a PreNup, I counsel my clients to think of it as a Marital Partnership Agreement! Much like in any business arrangement, you create a document that expands on your rights and responsibilities, it also creates a road map for success, how to get back on track after losing your way, and in general only deals with a potential breakup in about 5% of the document. So why can't we put scheduled conjugal visits into the prenup? Why can't we agree upfront that we want to retire someplace in the mountains where it's cool, not sunny Florida? Why not discuss up front if/when you'll have kids, and if so, who will stay home, or not? All of those discussions, put into a comprehensive document will lower your divorce rate to practically nill. Because after doing the hard work and having those difficult discussion up front, you'll either have built a strong foundation for your marriage, or you won't get married. Better to know now than after 3 kids and 15 years that your sweetie can't hang for the long term!
Add to the mix the 1.6 million folks every year who are remarrying into a 70% divorce rate and the need for my book "Every Single Girl's Guide to Her Future Husband's Last Divorce" becomes very apparent!
-Adryenn Ashley
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