What You Should Know About Prenups

For most people, engagement parties are followed by wedding preparations and the actual marriage ceremony. For a handful of individuals, however, prenuptial agreements must be done in case something unfortunate happens down the road. Many wealthy individuals who don’t take the time to get a prenup may suffer dire consequences, often paying their spouse a handsome sum of money in a settlement. 

What Is a Prenup Agreement?

A prenuptial agreement is a contract that the couple has to agree on before they tie the knot, which details how their assets would be divided in the event of a divorce or death. The laws surrounding the implementation and validity of this agreement vary by state. According to Thiessen Law Firm, the place of marriage, the current residence, and the details stipulated in the agreement would be considered. Most often, however, couples can choose to go for the state laws that will allow them to benefit on the terms of their prenup. 

Who Needs a Prenup?

Since most discussions on prenup agreements center on big-name celebrities, it has become common knowledge that these contracts are exclusive for those who have money. However, this is not the case. Even if you don’t have much, you can still benefit from having a prenup. Let’s say you supported your spouse through college. A prenup agreement can assure that you will get the money you spent back. It is also essential to consider that your situation before you get married will not change later on. Success can happen to anyone, and if you want to secure what is rightfully yours, a prenup can provide that.

What Are the Benefits of a Prenup?

For most people, protecting their assets and properties is the main reason for a prenup. This is especially true for those who were able to put up a decent amount of investment before the marriage. In case you and your partner end up getting divorced, it will be easy to proceed knowing that you will still have your hard work intact once the marriage is dissolved. 

Having a prenup is also useful if you want to ensure that each partner is cared for after a divorce. For example, if the couple has multiple houses, there could be a clause that stipulates that each person will get a house as agreed in the contract. This way, both of them can easily wrap up the proceedings and move on with their lives. Plus, they don’t have to spend much on legal fees. 

Inclusions to Consider

The most basic agreement would typically include how the couple will split their assets and liabilities. In some cases, however, couples can also choose to include details regarding ownership of valuable possessions, such as pets. It can also include a clause if the other party is caught cheating. More recently, the inclusion of the “goodwill clause” has become fairly common. This clause states that couples cannot publicly tarnish their partner’s reputation. The rising popularity of social media use has given birth to the social media clause, preventing one from posting disparaging or unflattering images of each other during or after the marriage. 

Getting Counsel Help

Ideally, each party should have a different lawyer who will work to the best of their interest. Most couples begin full of love for each other that they would rarely think about the consequences of their decisions. Having separate lawyers can ensure that there will be no regrets later on when they are headed to splitsville. A competent lawyer should draft your prenup agreements. This is not something you should do on your own because, most of the time, D.I.Y. prenup agreements are challenging to enforce. It can only lead to problems later on when it becomes necessary. 

Changing the Agreement

As your married life changes, you may think of making any additions and deletions in your prenuptial agreement. It is possible as long as both of you continue to agree to the terms of the contract. Ideally, revisiting their agreement every ten years can help. 

Will a Post-Nup Help?

If you and your partner did not consider having a prenup, you could remedy this by having a post-nup. However, it is commonly done to protect their children’s inheritance.

You can be head over heels with your partner that you may sometimes forget about protecting your assets. Consult your lawyer to advise you on how to best approach the situation. 

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