Prenuptial Agreement: What Is It & When Should You Get One

When you’re getting married, the thought of a prenuptial agreement might not be top of mind. After all, marriage is often seen as an act of unconditional love. But it’s wise to pause and consider the practical implications related to a union before taking the plunge, especially when it comes to two people combining their financial assets.

Prenuptial agreements can protect both parties down the line in case something inevitable happens. Read on to learn more about prenups and whether signing one is the right decision for you and your significant other.

Prenuptial Agreement Overview

A prenuptial agreement often referred to as a prenup, is an important legal document that couples entering into marriage may sign beforehand. This document can be thought of as a financial roadmap detailing how property and income will be divided between partners should they divorce. Prenuptial agreements can also serve to protect both parties from any existing debts or liabilities that either may have had prior to the marriage.

In addition, prenups can specify individual actions each partner expects the other to take during the marriage, such as inheriting an estate or maintaining health insurance for their partner in case of an unexpected illness or injury. These agreements are completely customizable depending on the specific needs and requirements of the couple, and an experienced lawyer will guide the process efficiently.

Where to Get Help Drafting a Prenuptial Agreement

Drafting a prenuptial agreement can be a daunting task and couples may be unsure of where to start. To ensure the agreement meets everyone’s needs, it is important to get reliable assistance when drafting. Fortunately, there are many places one can look for help: local lawyers, legal aid societies, certified financial planners, or specialist law firms that specialize in prenuptial agreements.

You may ask yourself—How do I find prenup lawyers near me? The easy way to do it is to browse the web for contact information on top lawyers who can advise and help you draft a prenup agreement professionally. Seeking assistance from an experienced third party not directly involved with the couple can help the process run smoothly and takes some of the pressure of creating it on your own. Ultimately, any resource used should work to create an agreement that is fair and equitable for both parties while protecting their individual interests.

Common Mistakes People Make When Creating a Prenuptial Agreement

When it comes to creating a prenuptial agreement, one of the most common mistakes couples make is not creating the agreement soon enough. Waiting until it is close to the wedding day can cause added stress to what’s already an exciting but stressful time, and also makes it much more difficult for each party to thoughtfully consider their agreement.

Additionally, attempting to create a prenuptial agreement without legal counsel is inadvisable. An attorney will ensure that all parties are following the proper laws for your state, that all of the languages within the document are clear, fair, and binding, and help protect you from potential disputes later on down the line.

However, simple agreements do not need to be overly expensive. A skilled attorney can craft an agreement properly and cheaply if needed. Anyhow, before getting married, it’s important to understand what having a prenuptial agreement does, how it works, and how partners should approach them in order to save money and avoid conflicts later on.

Frequently Asked Questions about Prenuptial Agreements

When it comes to signing prenups, couples often have lots of questions. For instance, a top-asked question is whether signing a prenup is important for “ordinary” people. Many assume that only couples with high net worths or significant assets should get a prenup, but the opposite is true. In fact, today one in five weddings starts with a prenup.

Other frequently asked questions explored by those considering taking out a prenup include who should pay for it and how long it takes to draft one. Ultimately, no two spouses’ situations are alike, so advice from an experienced lawyer is essential in choosing the route that makes sense for you both.

Bottom Line

While you may never need to use it, having a prenup in place can provide invaluable protection during a marriage or in the event of divorce. It is clear that getting a prenuptial agreement should not be taken lightly, but instead carefully considered with great thought about individual needs and situations.