“We want prenup” was a term thrown into the popular culture of the time by Kanye West’s song “Gold Digger”. While people often think of a prenuptial agreement as reserved for celebrities and the mega rich any couple can benefit from one.
Prenuptial and premarital agreements are agreements entered into by parties contemplating marriage that set forth the rights and obligations of each party in the event of death, divorce, and even during the marriage. They can be used to delineate the assets, debts, and income that may be marital and divided should the marriage fail, and those that may remain separate and not be divided in the event of divorce. There are only a few things that they can’t be used for which mostly relate to child issues, like determining child custody, a parenting plan, or child support.
Nobody goes into a marriage thinking it will fail but its best to plan for contingencies, just like we get insurance to protect things we own. Prenuptial agreements can offer certainty and help to reduce the transactional costs should the worst happen and the marriage result in a divorce, leaving less to fight about and with both parties knowing where they will stand. While it can be a little uncomfortable discussing a prenuptial agreement with a fiancé, having a prenuptial agreement can help people stay friends down the road if the relationship results in a divorce by taking the acrimony out of the divorce process itself. If you think it’s hard to talk about consider it may be easier to negotiate with a party that loves you and wants to marry you than one that wants to leave you and divorce you already. If you are losing the relationship with the person you thought was the love of your life you may thank yourself and they may thank you also for not adding a fight in divorce court to the process. For the frugal among you, the cost is likely to be much less than a divorce with contested financial issues.
If you want to talk to us about a prenuptial agreement please contact our office to arrange a consultation on (786)539-4935