Earlier this year, Prince Harry and Meghan Markle decided against signing a prenuptial agreement before their royal wedding takes place on May 19. Harry seems to be following in the footsteps of his father, Prince Charles and his brother, Prince William, who also opted out of signing a prenup. Prenuptial agreements are on the rise in the UK but are still not as common as they are in the US. This could be for the fact that they were not considered legally binding until the 2010 Radmacher v Granatino case.
As the world is changing, so are roles of husband and wife in the United States. With more career-oriented people settling down later in life, it is becoming more popular to have a prenup when getting married to protect assets obtained before and after marriage. If you are getting married, it is never a bad idea to ask yourself if a prenup is going to be the best option for you and your future spouse.
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What is a Prenup?
A Prenuptial Agreement, also called a prenup, is a legal contract made between spouses before the wedding in order to outline plans for the division of property and finances; and it is used if the marriage ends in a divorce or death down the road.
Prenuptial Agreements aren’t only about protecting yourself in the unfortunate event of a legal separation or divorce, they can also help couples decide whether certain debts are personal or shared, and they can even help to define the plans for managing household finances. Without a prenup to provide guidance, the state is left to divide property and finances after a death or divorce, which means you may not like the final decision.
Do I need one?
If you ask an attorney, they will more than likely say yes. Overall, it is up to you and your future spouse to decide if your marriage will benefit from having a Prenup Agreement.
What are some pros and cons of signing a prenup?
- Encourages open communication between spouses
- Protects pre-marital assets including inheritances and business assets
- Protects the rights of children from a previous marriage
- Maintains separate property
- Reinforces your estate plan
- Helps couples to avoid future conflicts
- Establishes a procedure for future decisions
- Involves talking about money, a sensitive topic
- May feel pessimistic to prepare for divorce while planning a wedding
- May require negotiation or involvement of attorneys
How to get a Prenup?
You can easily make a Prenuptial Agreement with Rocket Lawyer using our easy-to-use interview process. When writing a Prenuptial Agreement, it’s often best to write it with your partner. You could also consider asking a third party, such as a mediator or counselor to facilitate the conversation. During the discussion, you should be sure that both parties engage in full disclosure and that both parties sign voluntarily. Talking about money with a future spouse can be tough, however being upfront and getting on the same page before getting married can help both of you to avoid conflict later.
Prenuptial Agreements may be challenged as invalid and considered coerced if they are signed less than 30 days before the wedding, so be sure that you and your significant other have ample time to discuss your financial planning decisions before you tie the knot.
If you have questions about signing a prenup, ask a lawyer today.