Prenups

I've been getting a steady stream of clients seeking prenuptial agreements, which is good because it means people are finally catching on that prenups are not just for rich people.

There are, in fact, a number of situations where a prenup might be desirable. A prenup is not a bet against a marriage – it is simply part of prudent planning, because no one knows what the future holds. It is easier to make decisions when romance is still in full bloom and so forestall long court battles if things do turn sour. Often, having an honest discussion about financial and other matters before marriage can strengthen the commitment of the partners.

Some of the major issues that can be covered in a prenup are splitting assets – the classic case of what is held outside marital assets; who pays off what debt – especially relevant in this age when school debt can run into tens of thousands of dollars; one partner makes significantly more than the other; financial support for a spouse who gives up a career to care for the children, or any agreement on settlement or alimony. When there are children from a previous marriage, a prenup can be desirable to protect their inheritance.

There are also a range of minor issues like keeping certain items, such as heirlooms or other favored possessions, even a pet; dividing a home fairly – particularly if one partner’s existing residence becomes the family home;  or how long a spouse or kids can remain in the home after a divorce.

There is also something called a “postnup,” though some things can be more difficult to discuss after you’re married.  A postnup might be desirable if a spouse starts a new business with outside partners, or to clarify ownership if one spouse acquires property with pre-existing assets. 

Sometimes it is just one of the partners who is eager to get a prenup. The other partner in this case should not just go along and sign whatever is put in front of them, however. It is always a good idea to have your own attorney review the agreement. This usually doesn't take long and does not need to cost a lot of money, but you don't want to sign away claims that the law might give to you if it does eventually come to divorce.