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Prenups: 3 Things to Think About Before You Ask For One

Prenups: 3 Things to Think About Before You Ask For One

Posted By Meyers Law Group, P.C. || 24-Mar-2014

All the recent data says that prenups are on the rise. In one study, 63 percent of divorce lawyers said that there was jump in prenuptial agreements in the last three years. The top concern fiancés cited: shielding their separate property. After you and your family have worked so hard over the years, it is only natural to want to preserve those hard-earned assets, to keep them in the family. And many children of divorce see it as prudent to go over financial matters while a relationship is going well. That being said, you should take pause before you ask for a prenup to think about these things:

1) Prenups Can Make for Awkward Conversations

You may think that prenups are the new norm, or you may feel that getting one is simply as logical as getting insurance, something you never want to use, but something you never want to be without. Even if this is how you view things, your partner may not feel the same. Be aware of this, and be very thoughtful about how you bring up this issue. If your fiancé is open to the conversation, you will still have to proceed with a great deal of care. After all, you do not want to send the message to your future spouse that you love them, but you lack confidence in them.

2) You Might Not Need a Prenup

Not every couple does. You don't need to have a high net worth in order to need a prenuptial agreement, but if you do not have much in the way of assets, skipping the prenup could sometimes be a better choice. You also do not need to approach a prenup as a "just-in-case-we-divorce" document; you can also create financial agreements for the marriage. You can include issues such as whether or not you will have joint bank accounts, and whether or not one spouse will stay home if they have children later on. You could create this in a postnuptial agreement too. That being said, in general, there are about two huge reasons to get a prenup:

  • You need to protect a significant amount of separate property, or
  • This will be your second or third marriage

In the case of remarriage, you may be concerned about property staying in the family; a prenup can ensure that children from a previous marriage will have their inheritance intact. Also, if you are paying spousal or child support, this would be another financial issue that a prenup could address.

3) Prenups Can Help Prepare You Financially For Marriage

You want to sort through financial issues before you tie the knot, not after. And with a prenuptial agreement, you can go into the marriage knowing what your goals and expectations are. A prenup goes beyond preserving your separate property. It can outline who will contribute what, such as one fiancé committing to support the other while they finish school, or that if a spouse stays home to care for kids, they would be entitled to an equal split of property and to spousal support as well. Some fiancés can include the stipulation that they cannot get divorced before they have tried counseling.

Crafting an Agreement for Your Unique Situation

With a prenuptial or postnuptial agreement, you have the freedom to create an agreement that works for you and the future you two want. However, agreeing on these goals is one thing. Hammering them out in a document that will hold up in court is another. When you need the help of a family lawyer in Long Island, you can find the knowledge and skill you're looking for at the Meyers Law Group, P.C. Learn how we may be able to help you when you contact us today!