7 Must-Knows Before Getting A Prenup

7 Must-Knows Before Getting A Prenup

Are you considering getting a prenup but don't know where to start?

Why consider a prenup?

Forget everything you've heard, prenups can be romantic. Think of a prenup as a way to have a detailed financial plan for your marriage and as insurance that will hopefully never be used.

Anecdotally, what many family lawyers have observed is that prenup clients are less likely to have divorces.

A prenup can offer peace of mind and security. It allows couples to have open and honest conversations about their financial expectations, future goals, and potential risks. By addressing these matters beforehand, couples can enter into their marriage with a clear understanding of each other's financial situations and intentions.  

7 Surprising Facts about Prenups

Prenuptial agreements have often been surrounded by myths and misconceptions. It's crucial to separate fact from fiction to make an informed decision about whether a prenup is right for you. So, let's debunk a few common misconceptions:  

Fact 1: Everyone need prenups.

Prenups can be helpful for couples at all income levels. A prenup is not solely about protecting assets; you guys can address debt allocation, spousal support, and other financial matters.  

Fact 2: Timing matters.

Try not to wait until a couple of weeks before the wedding to do your prenup! Some states like California require that your prenup is completed at least a week prior to the wedding.

Fact 3: Yes, You can Include Your Dog in a Prenup.

Prenups can be as personalized as you want. While you can't dictate anything about child custody terms in a prenup, pets are fair game. Many couples now include "pet-nups" about who keeps the dog.

Fact 4: Full Disclosure is Critical

You and your partner have to fully disclose all assets, debts and income sources. Transparency means that you guys both know your financial situations going into the marriage. It prevents the prenup from being tossed out and makes sure that your marriage starts on the right foot!
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Fact 5: Inheritance Stays In the Family

Got a wealthy aunt? A prenup can help ensure that inherited assets always stays as separate (i.e. your) property in a divorce.

Fact 6: You Need Your Own Lawyer

When you guys both have your own lawyer, it ensures that you're creating an agreement that is fair and valid for both of you.

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Fact 7: Prenups Can Always Be Updated

If things change during the course of your marriage, you and your partner can always update your prenup by getting a postnuptial agreement, i.e. postnup.

Hiring a lawyer for your prenup

Don't DIY it. If you don't have lawyers involved, your prenup could be challenged. If you're going to do it, do it right: 

1. You want a family lawyer: Family law attorneys specialize in prenuptial agreements and have the appropriate knowledge of family law to navigate the complexities of drafting a comprehensive and enforceable prenup.  
2. 2 Lawyers: You and your partner should have separate lawyers. In fact, some states require that you have both.