I don’t know about you, but the first thing I think of when I hear the word “prenup” is divorce. Why in the world are we talking about divorce when we aren’t even married yet? But when you think about it, preparing for the worst doesn’t necessarily mean you’re expecting the worst. I mean, just because we have homeowner’s insurance doesn’t mean the house is definitely going to burn down. When you take a step back and think about things logically, it makes sense to plan for the worst scenario now… while you still love each other.
Two of the biggest reasons for divorce are money and lack of communication. While it’s important to protect yourself, it’s even better to foster healthy communication about assets and finances that could potentially prevent divorce.
Fundamentally, a prenup is just a contract entered into before marriage. You can also get a postnup which is a contract entered into after marriage. There isn’t a deadline of when you have to make these agreements, they can be entered into at any time as long as they’re not entered into under duress or undue influence. You don’t even have to be rich to get a prenup. Prenups help decide and give guidance on how assets and debts will be divided and also provide provisions for spousal support.
A prenup cannot, however, make decisions on the allocation of parental responsibilities. Children have the right to be provided for by what’s in the best interest of them. One parent can’t agree not to seek child support from the other because that support is for the child, not the parent. You can address spousal support and agree on the amount paid and the length of time that it will be paid.
As stated previously, prenups are legally binding contracts and must follow the guidelines as such. Both parties must fully disclose their financial worth. The agreement must be free of fraud and must not be signed under duress. There’s no law saying that they have to be fair though. Some celebrity couples have even been known to include agreements regarding weight-gain and adultery!
If you have any questions on what you should or shouldn’t include in your prenup, contact Rick Stock Law and one of our experienced attorneys can help guide you through the process.