Blog
Harrison Prenup Lawyers
Contents
Harrison Prenup Lawyers
Getting married is super exciting, but it can also be kinda scary when you start thinking about things like finances and assets. That’s where prenups can help give you some peace of mind going into your marriage. But what exactly is a prenup, and how does it work? Let’s break it down.
What is a Prenup?
A prenup, short for prenuptial agreement, is a legal contract that couples sign before they get married. It lays out things like:
- How assets and debts will be divided if you get divorced
- Who gets what property
- Spousal support arrangements
- How inheritance or gifts will be handled
Basically it determines in advance how your finances and property will be split up if the marriage ends. Kinda unromantic to think about, I know. But it can give you peace of mind going into your marriage, especially if one partner makes a lot more money or one person is bringing a bunch of assets into the marriage.
When to Get a Prenup
Prenups are smart to consider if:
- One partner makes a lot more money
- One partner has a lot more assets, like a house or business
- One or both partners have children from a previous relationship
- One or both partners stand to inherit a lot of money or property
- You want to keep separate bank accounts and finances during your marriage
Basically anytime there’s a big difference between you and your partner in terms of income, assets, debts, or financial obligations, a prenup makes sense to protect both of you.
Benefits of a Prenup
Some big benefits of getting a prenup include:
- Protects assets you brought into the marriage
- Avoids fights about money during divorce
- Sets clear expectations about finances
- Allows you to keep separate property
- Speeds up divorce process since assets are predetermined
- Reduces stress and anxiety about finances
The more you can spell out up front, the smoother the divorce process will go if you end up heading in that direction down the road. And even if you don’t get divorced, a prenup gives you clarity on financial issues, which can help avoid fights about money.
What to Include in a Prenup
Here are some key things to address in your prenup agreement:
- Asset division – How property like houses, cars, businesses, investments, retirement accounts, etc will be divided
- Debt division – Who is responsible for debts you each bring into the marriage
- Spousal support – If one spouse will pay the other alimony in case of divorce
- Inheritances and gifts – If you will share or keep gifts and inheritances separate
- Separate property – Assets you want to keep separate from marital property
- Life insurance – Having life insurance to provide for spouse in case of death
- Child support – Financial care for any children from previous relationships
Your prenup can get as detailed as you want about how your finances will work during your marriage and be divided if you split up. The more issues you address up front, the less potential for disagreement down the road.
How to Get a Prenup
Here are some tips for getting a solid prenup in place:
- Hire an experienced family law attorney – they can advise you on what to include based on laws in your state.
- Be fully transparent with your partner about income, assets, debts, etc.
- Start the process early, at least a few months before your wedding date.
- Negotiate reasonable terms – courts can throw out prenups they think are unfair.
- Discuss terms together rather than just presenting a prenup.
- Don’t hide assets or debts from your partner.
- Be willing to compromise on certain terms.
- Make sure you both fully understand and agree to the terms.
- Sign well before the wedding day to avoid duress concerns.
Following this process helps ensure your prenup holds up legally if challenged down the road. Be sure to have an attorney review the agreement to make sure it’s solid and enforceable.
Enforcing a Prenup
To make sure your prenup is enforceable:
- Sign at least 30 days before the wedding – signing too close to the wedding can get it thrown out.
- Make sure it complies with state laws on prenups – requirements vary by state.
- Disclose all assets, income, and debts accurately – incomplete disclosure can void a prenup.
- Have your own lawyer to avoid conflict of interest – this shows both parties had independent counsel.
- Stick to reasonable terms – a prenup can’t leave one spouse destitute.
- Attach a schedule listing all assets and debts covered.
As long as you follow your state’s laws and disclosure requirements, the court will generally uphold the terms of your prenup in a divorce.
Common Concerns About Prenups
It’s normal to have some hesitations about getting a prenup. Here are some common concerns:
- Romance – Some see it as unromantic to plan for divorce before your wedding. But it can give you peace of mind.
- Trust – You may worry it means you don’t trust your partner. But it just sets clear expectations.
- One-sided – Make sure terms are fair and benefit both spouses to avoid this concern.
- Too restrictive – Be flexible on certain terms in case circumstances change during marriage.
Having open communication with your partner can help avoid these concerns. Make sure you’re both comfortable with the terms and feel the prenup is fair.
Alternatives to Prenups
If you decide a prenup isn’t right for you, some alternatives include:
- Postnuptial agreement – Signed after marriage instead of before.
- Cohabitation agreement – For unmarried couples living together.
- Will – Specifies who inherits your assets if you die.
- Trust – Holds assets separately from marital property.
These options address some but not all of the issues covered in a prenup. Talk to an attorney to explore your options.
Bottom Line
Prenups aren’t just for the rich and famous – they can benefit all sorts of couples. If you’re getting married, consider talking to your partner about putting a prenup in place. It can give you clarity and peace of mind around finances as you start your new life together.
Sources:
[1] https://harrisonllp.com/complex-family-law-litigation/
[3] https://www.brides.com/guide-to-prenups-5094310
[4] https://www.harrishuntderr.com/family-law-services/prenuptial-agreement-postnuptial-agreements/
[5] https://www.lawyers.com/tampa/florida/richard-a-harrison-p-a-158218747-f/