Prenuptial Agreements

A prenuptial agreement or premarital agreement, is a legally binding written contract entered into prior to a marriage, civil union or other arrangements by a couple intending to marry. Prenups are commonly used to spell out exactly what happens in the event of divorce, death, or dissolution of a marriage.
Common Reasons for Creating a Prenup
1. Those with children from a previous marriage or relationship. Prenups create a definitive inheritance plan for his or her biological children, both in cases of divorce or death.
2. Business owners. Shares of a business can and do become marital property. That’s true whether the spouse started the business or it is a family business.
3. Those with large amounts of debt. Debt becomes marital property just like wealth. Prenups can be used to isolate the debt to the partner bringing it into the marriage.
4.  Second or later in life marriages. A prenup is often used in case one or both spouses have developed substantial assets and retirement funds.
No matter your reasons for wanting a prenup there is a wrong way to approach the matter and a right way.
The Right Way
1. Give your spouse notice you want them to sign a prenup. Never spring a contract on your soon-to-be days, weeks or even a several months before the wedding. Not having conversation prior to meeting with lawyers invites suspicion.
2. Full disclosure on the part of each person entering into the marriage. Know what you are getting into, make sure all assets are legally disclosed, and know what your partner is bringing to the table.
3. Don’t use force. You, your lawyers, or your family putting undue pressure on your-soon-to-be is the wrong way to start a marriage, plain and simple.
4. Be equal. If you lawyer up and leave your soon-to-be scrambling for legal representation, you are putting the person you love at a disadvantage from the start of your union.