What is a Prenup?
Marriage is one of the most significant events of your lifetime. The absolute joy and unity you experience as you set the foundation for your partnership is unparalleled. But life often gets in the way, and illness, abuse, and plenty of other unforeseen issues arise—making divorce the only option.
To stay ahead of the mess and save yourself some stress, having a prenuptial agreement is a great option.
Purpose of a prenup
Prenuptial agreements can be a valuable resource for both parties. And while no one wants to consider the worst-case scenario, prenups can provide a sense of clarity.
Both parties have their own assets after a prenup
Your nuptials are a time of celebration, and for many, creates an elevated level of stress. Between getting your wedding party sorted and all of the vendors aligned, the last thing you want to worry about is what life would look like if it didn’t work out.
In the event of a divorce, a prenuptial agreement offers both parties clear protection and allocation of their assets. What’s yours by law remains yours, and the same goes for your future spouse.
Who should get a prenup?
There are plenty of reasons budding fiancés should sort out their assets and get a prenup with the help of an attorney. In some cases, it could be as simple as living in a state with community property laws. But there are more complex situations that call for a prenuptial agreement.
Prenups can and should be seen as an insurance policy that you hope to not need. Best case you’ve spent a relatively small sum of money to protect your interests and in the worst case you have potentially scaled way back on the costs and acrimony surrounding protracted divorce litigation.
Those who were previously married should get prenups
If this isn’t your first marriage, a prenuptial agreement keeps you and your future spouse safe by ensuring that your assets from your previous marriage are not lost should you become divorced again. Let’s say you were granted the family business in your previous marriage. A prenuptial agreement secures that business as yours alone. The same goes for bank accounts.
Prenups allow separate debts will stay separate between partners
Let’s say you’ve worked the last 20 years to rebuild your credit. You’ve done every painstakingly small and incremental thing you can to eliminate bad debts and get under a 30% credit usage. The last thing you want is to take on your ex-partners debts if push comes to shove during a divorce. Prenuptial agreements solidify that debts remain separate between partners, so their debt remains their responsibility.
Prenups should be present if children are involved
If you’re a parent, you know how hard you’ve worked to help support and raise your children. Granting them certain assurances to secure their futures is part of your due diligence to protect them from harm and unnecessary strife. Part of that protection can be guaranteed with a prenuptial agreement. This agreement covers everything you’ve set aside for your children to ensure that those assets remain theirs, no matter what happens between you and your spouse.
While prenups can help preserve a spouse’s estate for their children in the event of their passing, it is important to understand prenuptial agreements cannot be used to prearrange custody, child support and other child related issues.
If you feel you have property to protect, you should sign a prenup
Prenups also play an enormous role when it comes to property. Whether you inherited property or purchased it on your own, protecting that property is only possible through a prenuptial agreement. If you do end up divorced, you don’t want to risk sacrificing the land your great grandparents left to you, or that you worked so hard for. The bottom line is that protecting your spouse means protecting yourself, too.
The right steps to take when wanting a prenup
Of course, something as delicate as a prenuptial agreement should be handled with care and intention. While it’s not the most exciting discussion to have with your future spouse, if your goal is to protect them and yourself in sickness and in health, you might consider a prenuptial agreement the purest form of preservation.
Further, it is important to have someone who understands the legal basis to set aside these agreements, explain those basis to you and ensure that they will not be used to do so with your agreement.
Make sure you genuinely do want a prenup
Remember, a prenup is not a signal that your marriage is going to dissolve. In fact, it can actually smooth any tension or concern when your marriage hits road bumps (and there will be road bumps). Take the time to reflect with your partner and an attorney to discuss what a prenuptial agreement would look like for you and your soon to be spouse.
Look into getting proper representation
The most constructive course of action when going about getting a prenup is acquiring proper representation. You want to work with attorneys who know the world of divorce inside and out, and who advocates on behalf of both parties with a fair eye and a clear directive.
Some good questions to ask potential attorneys
When interviewing attorneys, ask:
How many of them have they done?
Have they ever litigated the enforcement or setting aside of a prenuptial agreement?
Has that attorney ever had an agreement they prepared set aside by the Court?
What is the cost of getting a prenup?
The attorney fees and average cost of a prenuptial agreement in the state of Florida comes out to around $1,000. And when you contrast that price with the cost of losing your assets, it’s a drop in the bucket. You simply can’t put a price on the security of your future. And a great way to approach that cost is to look at it as an investment—because that’s what it is!
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