One sticky subject that can come up before you get married is a prenuptial agreement, which is typically just called a prenup. Even though there likely isn’t a couple on the planet that wants to discuss a prenup, it’s still an important item that every couple should check off the list before they get married. Here’s why you should make sure to get a prenup, all the details you need on how a prenup work and why it’s best to consult with a lawyer for your prenup.
Why Every Couple Needs a Prenup
There are many benefits to a prenup, but what they all boil down to is that a prenup allows you and your spouse to protect your individual assets and decide on what would happen in a divorce so that you won’t be at the mercy of a Bronx divorce court.
Going through a contested divorce can take all kinds of time and cost you quite a bit of money. If you and your spouse have sorted everything out in advance through a prenup, you can have a quick, uncontested divorce where there’s no arguing over who gets what.
Of course, you could be saying that you don’t need a prenup because you won’t get a divorce. This may be true, but look at it like this – just because someone purchases car insurance doesn’t mean they plan to go get into a car accident. They get it to protect themselves from the possibility of an accident, and considering how many marriages end, divorce is always a possibility for any couple. You’re not assuming it will happen, you’re just covering your bases in case it does.
There’s really no drawback to getting a prenup. If you don’t need it, it won’t have any negative effect on your marriage. If you end up getting divorced, you’ll be glad you got it.
How Prenups Work
The simplest way to look at a prenup is that it’s a legal contract stipulating what happens should your marriage end. Because each couple has their own unique considerations, prenups can cover many different things.
The most common use of a prenup is for each spouse to protect their own assets. In a prenup, you and your partner can list what assets belong to each of you, ensuring that you each keep your own individual assets during a divorce. Assets could be any property you have.
Spousal support is another area you should cover in a prenup. If you don’t cover this in your prenup, then any spousal support will be determined according to state law. In a prenup, you and your spouse can choose if one of you will pay support, how much that will be and for how long it will need to be paid. Or, you two can each choose to waive spousal support. However, it’s important to note that spousal support could still be required even if you both waived if the result would be one spouse needing to go on welfare.
Although child support is typically determined by the state, you and your spouse can figure out what kind of sharing schedule you two will have should you get divorced. It’s wise to think about this even if you two don’t have kids, because there’s always the possibility of having kids in the future.
Hiring a Lawyer to Handle Your Prenup
While lawyers aren’t necessary for a prenup, it’s better to hire a lawyer for yourself and have your spouse hire a lawyer for themselves. The main reason for this is so that those lawyers can each check out the proposed prenup and check that their client is getting a fair deal.
Since one lawyer can’t look out for the best interests of both you and your partner when it comes to a prenup, you each need your own lawyer. Remember that courts do have the latitude to throw out prenups that are too unbalanced, which means it’s good to have lawyers ensuring your prenup will be valid.
It’s also much simpler to have a lawyer draw up your prenup than to do it yourself. Your lawyer can set it up properly so that there aren’t any errors.
It’s not the most romantic conversation you’ll ever have, but a prenup is definitely worth your time. Take care of this well ahead of the wedding to protect yourself in case of a divorce.
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