If you’re thinking about signing a prenuptial agreement before your upcoming wedding, here are a few things to keep in mind.
- Don’t wait until the last minute. It may not be a fun thing to talk about, but if you wait too long it’s not going to be any easier. Also, prenups that are signed under pressure, such as the days leading up to the ceremony, have the potential to be found invalid if challenged later on.
- Put it all out there. If you don’t tell your future spouse all of your financial information, the prenup won’t hold up. Each person must know exactly what they’re dealing with in order to enter into a valid prenuptial agreement.
- Get your own attorney. If you have only one attorney, then one of you is not represented. Even though it might seem like no big deal, you and your future spouse technically have competing interests when it comes to a prenuptial agreement. Having separate attorneys will help ensure that the agreement is balanced.
- Fairness is required. A prenuptial agreement is required to be “fair.” However, this doesn’t mean 50/50. If you follow the rules, get your own attorney and disclose everything, you’ll likely end up with a fair agreement.
- A prenup isn’t just for the wealthy. A prenuptial agreement can address many issues that might come up if a couple decides to divorce. It can help you keep your separate property separate, but it also can deal with real estate, spousal support, mortgages, bank accounts, benefits, etc.
Written by Michael Helfand