A prenuptial agreement, often called a "prenup," is a legal contract between two people before marriage that outlines how assets, debts, and other financial matters will be handled during the marriage and in the event of divorce.
As a psychologically trained family law attorney with over 35 years experience, I have crafted thousands of prenuptial agreements. While discussing a prenup with your fiancé may not be the most romantic aspect of wedding planning, it can provide clarity, financial protection, and peace of mind for both partners.
With spring around the corner and lots of weddings being planned, I suggest while choosing your flowers, dress and venues, not to forget to discuss a prenuptial agreement. A prenup can make all the difference if a divorce should occur.
Here are the ten most important things to cover in your prenuptial agreement:
1. Assets and Property Division
One of the main reasons couples get a prenup is to define how their assets will be divided if the marriage ends. This includes real estate, investments, business interests, and personal property. Clearly outlining which assets remain separate and which are considered marital can prevent disputes later.
2. Debt Protection
Marrying someone with significant debt can be a financial risk. A prenup can specify which debts belong to whom, ensuring that one spouse isn't responsible for the other's student loans, credit card debt, or other liabilities.
3. Spousal Support (Alimony)
Deciding in advance whether one spouse will receive alimony (and how much) can prevent lengthy legal battles. Some couples waive alimony, while others agree on a set amount or duration in case of divorce.
4. Inheritance and Estate Planning
A prenup can help protect family inheritances and ensure that children from previous marriages receive their rightful share. It can work alongside a will and estate plan to distribute assets according to your wishes.
5. Business Interests
If one or both spouses own a business, a prenup can clarify ownership and prevent the business from being divided in a divorce. It can outline whether the business remains separate property or if the other spouse will have any stake in it.
6. Financial Responsibilities During Marriage
A prenup can define how financial responsibilities will be handled during the marriage. This includes budgeting, savings, investment strategies, and even how household expenses will be shared. Setting expectations early can help prevent conflicts.
7. Handling of Marital Property
Deciding in advance what will be considered marital property versus separate property is crucial. A prenup can outline how joint purchases, bank accounts, and other shared assets will be managed and divided if the marriage ends.
8. Retirement Accounts and Benefits
Many couples forget to discuss how retirement accounts, pensions, and other benefits will be treated in a divorce. A prenup can establish whether these assets will be split or remain with the individual who earned them.
9. Dispute Resolution Methods
If a divorce does happen, a prenup can include a clause requiring mediation or arbitration before going to court. This can save time, money, and stress by keeping matters out of lengthy legal battles.
10. Lifestyle Clauses
Some prenups include lifestyle clauses that address specific expectations in the marriage, such as agreements about social media use, infidelity, or even household duties. While not always legally enforceable, they can help set boundaries and expectations between partners.
A prenuptial agreement isn’t just about planning for divorce—it’s about protecting both spouses and ensuring transparency from the start.
Every couple's financial situation is unique, so working with a lawyer/mediator to draft a fair and enforceable prenup is essential.
If you are getting ready to walk down the aisle, consider a prenuptial agreement and call me so I can tell you the many benefits of having one!
While drafting your prenuptial agreement I will make sureyour rights are protected in case of divorce, call me right now at 212.734.1551.
I have been drafting and reviewing prenuptial agreements for over 35 years and can insure you are protected.
Remember, open and honest communication about finances can strengthen your relationship and lay the foundation for a successful marriage.
Warm regards,
Lois
Lois Brenner can draft your agreement quickly and just in time for your Spring wedding!
Schedule your free consultation right now! 212.734.1551