A prenuptial agreement, sometimes referred to as a prenup, is a contract entered into by a couple before they marry. While prenups are often associated with financial matters and marital property division, they can address other elements of a relationship as well. For example, the agreement might outline specifics about child custody, child support, or spousal support.
Prenups are especially important if one or both spouses have children from a previous relationship, as they can help ensure that sentimental items and other heirlooms pass on through the family.
For a prenup to be valid, it must meet certain criteria
First, both parties must fully disclose their assets and liabilities to each other. This includes all assets, such as bank accounts, real estate, and investments, as well as any debts.
Second, the agreement must be fair and equitable. This means both parties must receive something of value in the agreement. For example, if one party gives up their right to spousal support in return for receiving a larger share of the marital estate, that would be considered fair and equitable.
Third, the agreement must be in writing and signed by both parties voluntarily. Neither party can be forced or coerced into signing it.
Why create a prenuptial agreement?
With a prenup, you can agree ahead of time who would get to keep certain properties in the event of a split.
- Perhaps you and your partner both own businesses. If you were to get divorced, would you want the other person to gain control of those businesses? A prenup can help make sure your businesses remain under your control.
- Perhaps your spouse has a lot of debt. If you divorce, would you want to be responsible for that debt? A prenup can help protect you from inheriting your ex’s debts.
- Perhaps one of you is much wealthier than the other. Without a prenup, the wealthier spouse could end up paying a large chunk of their assets in a divorce settlement.
By pre-establishing a division of assets, a prenup can help reduce the chances of disagreements and costly litigation.
How can I get a prenuptial agreement?
If you’re thinking about getting a prenup, consider speaking to a lawyer or drawing up your own using an online resource. Hello Divorce does not prepare prenups at this time. However, if you already have a prenup in place and would like an attorney to review it, we can provide you with a legal review of your prenup.
FAQ about prenups
Do I need a lawyer to create a prenup?
It’s not a requirement. Because each state may have its own laws about prenups, however, we recommend using a professional service like the aforementioned Hello Prenup.
Who benefits most from a prenup?
People entering second marriages are often interested in signing a prenup before they say “I do” again. Prenups are especially important for couples who have significant assets or debts or who expect to receive a large inheritance during their marriage. They can also be helpful if one spouse is significantly wealthier than the other.
What is the difference between a prenup and a postnup?
Prenups and postnups are essentially the same thing: contracts between spouses that spell out what would happen to their property in the event of a divorce. The main difference is that prenuptial agreements are signed before the wedding, and postnuptial agreements are signed after the wedding.
Hello Divorce offers a wide range of services in addition to prenup review, including attorney preparation of postnup agreements. If you’d like to learn more about our services, feel free to schedule a free 15-minute phone consultation with one of our friendly account coordinators.
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