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What Is A Prenup?
A prenup is a written agreement between two people before they get married.
A prenup usually lists all the property and debts each person has.
A prenup also specifies what each person’s property rights will be after the marriage.
What Does A Prenup Do
What does a prenup do?
A prenup will provide you and your spouse with a plan for:
- what property is separate property and marital property
- whether one spouse will stay home to raise kids and for how long
- how to pay off existing debts
- who would pay alimony and how much
- what to do with the marital home in the event of separation
- how to handle finances during the marriage
- how to pay taxes
- how long the agreement lasts (and when it should be updated)
- what to do with a business if there is one
Who Needs A Prenup?
Whether you need a prenup depends on your situation.
They are not only for wealthy individuals who are protecting assets.
Everyday people like us can use them too.
And it’s important to note that prenups protect both spouses.
Unfair and on-sided prenups most likely won’t hold up in court.
For a prenup to be enforceable, the prenup agreement must:
- be fair to both spouses
- have both people sign voluntarily
- not favor one spouses only
- have transparency about the assets and debts
Children From Prior Marriages
Some states have laws where the surviving spouse gets everything if you die.
Others split the deceased spouse’s assets between the surviving spouse and all the children.
Your prenup will allow you to specify that some of your property goes to your children.
Otherwise, the surviving spouse might have the right to claim a large part of your property.
This would leave your children with a lot less.
Most divorces happen due to financial incompatibility.
Having a prenup to spell out all the financials will make your marriage more successful.
Some things you should consider are:
- Will one parent stay at home to raise the children?
- If so, will they go back to work after a certain period of time?
- What happens if one spouse becomes unable to work?
- How much money can one person spend without discussing it with each other?
- Who will save for retirement and how much?
- Whose career will you all follow if there’s a new opportunity?
- What will you all do to help your parents when they get older?
Create Guidelines For Divorce
No one plans on divorce.
But this is a good time to think of what would be the fairest outcome if it happens.
Creating a fair plan now will save you thousands in the cost of divorce later.
Things to discuss are:
- how marital property will get divided
- how much alimony will get awarded
- who will pay alimony
- who will get joint social media accounts
- who will get the pets
What Happens If You Don’t Get A Prenup?
If you don’t make a prenup, your state’s laws determine how your property will get handled.
- who owns the property acquired during your marriage
- what happens to your property during a separation
- what happens to your property if you die
Your marriage is a contract between you and your spouse.
Without a prenup, the marriage contract comes with automatic property rights.
Without a prenup, a spouse has the right to share:
- ownership of marital property
- ownership of separate property that marital funds got spent on
- responsibility of debts the other spouse incurred on their own
- management and control of the marital property
- the right to sell or give away marital property
Sometimes you don’t want your marriage to follow these family laws.
In this case, you’ll want to get a prenup.
How To Get A Prenup
You have two options when it comes to how to get a prenup.
- hire a prenup lawyer to create the prenup for you
- download a do it yourself prenup agreement
Your prenup should be written in a way that’s clear, understandable, and legally sound.
If it’s written incorrectly, it will not hold up in court.
If it’s not clear, fair, or legally sound, the judge will throw it out.
Your marital property, separate property, and debts will get split according to family law.
And if one of you dies, the other spouse:
- will be responsible to creditors
- may not get to keep all your property
If you want to have a prenup attorney create a prenup for you, fill out the form on this page.
We will make sure:
- your spouse gets your property in the event of death
- separate property is not co-mingled and lost
- neither of you get raked over the coals financially
- neither of you get unfair treatment in the event of separation
But what if you want to do a do it prenuptial agreement?
Do It Yourself Prenuptial Agreement
We also offer a do it yourself prenuptial agreements.
Our do-it-yourself prenuptial agreements come with worksheets and instructions.
This allows you and your significant other to save hundreds of dollars on your prenup.