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Making a Prenuptial Agreement
A Prenuptial Agreement is a financial contract agreed upon before two people wed. It is a two-way contract intended to protect both spouses' assets and to outline who carries the burden of specific debts. Prenups are not just for the rich and famous, they are suitable for any couple who wants to responsibly manage their finances, whether they are together or separate.
Prenuptial Agreements are two-sided contracts signed before a couple is married. It outlines each spouse's assets and debts, and expected future assets and debts, and how they will be managed if the partners choose to part ways, voluntarily or by death.
Prenup, Premarital Agreement, Antenuptial Agreement
A Prenuptial Agreement, often called a Prenup, is simply a financial contract between two people before they are married. It outlines the assets and debts of each person and how assets and debts should be managed if the relationship dissolves or a spouse dies. Prenups are increasingly becoming more common as people are choosing to marry at a later age than people did in the past.
Financially responsible partners are often now considering establishing a Prenuptial Agreement before marriage. This is especially true of those entering a second or third marriage. A well thought out Prenup can protect both spouses financially.
Here are some common reasons people choose to enter a Prenuptial Agreement:
You can easily make a Prenuptial Agreement using our document builder. All you need is each spouse's financial information and the ability to agree on how to manage your future finances. If conversations have proven difficult, you can consult with a mediator, counselor or religious advisor to help mediate the emotional parts of the conversation that may arise. Once the agreement is composed, you may also want to have it reviewed by a lawyer. Additionally, it should be amended through the years as your financial situation changes.
If you ask your accountant or lawyer, they'd both likely say everyone. If you ask a family member or friend, you might hear a different answer. If you ask someone who has experienced a difficult divorce, they will likely say everyone, as well. Many people have opinions about prenups but ultimately, it is up to you and your future spouse to decide if your marriage will benefit from having a Prenup Agreement.
While some young couples have not yet accumulated a lot of assets and debt, many couples these days do. Statistics are even showing that since millennials are getting married older than previous generations, they have more to bring to the marriage than they would have if they married ten years younger. Some unmarried people have spent a lot of time building their own business, assets and retirement accounts, and some have also amassed a volume of debt such as student loans, credit card debt, mortgages or tax debt. Whether assets or debt, all clean or dirty financial laundry will need to be aired to create a comprehensive Prenuptial Agreement. Even if you have an asset such as a pension that you plan on retaining for yourself, you still need to reveal that it exists. It is also smart to view and share your current credit reports to ensure that you are not missing a debt and can see what each other's credit worthiness currently is.
State laws control what is enforceable in a Prenup agreement. If you need to know what restrictions your state may impose, you can ask a lawyer. Here are some agreements that your state may not support:
There is a bit of taboo-type thinking surrounding the idea of asking for a Prenuptial Agreement. However, even if you do not compose a formal document, you need to be able to openly talk about finances and not just the fun stuff like the idea of buying a house someday, but also the hard stuff like how much debt you have, your credit rating and financial obligations to others (like child support or elderly care). Many marital disputes arise from money issues. It is beneficial if you and your partner can willingly and rationally discuss finances before problems arise.
Your marriage may be the most important legal partnership you'll ever enter. Like business partners, you will have responsibilities, contributions, assets and debts, skills and talents, and more you are bringing to the relationship. And together your goal is to stay in business and be solvent. Solvent for both partners, whether together or not. You've already established your love and commitment to one another, the next step may be to decide how best to manage your financial future.
A current trend is couples opting to create a Conflict Resolution Agreement rather than a traditional Prenuptial Agreement. A standard Prenup discusses what may happen financially if the couple parts, whereas a Conflict Resolution Prenup outlines ways the couple agrees to try to resolve conflict should they ever reach a point where they are considering a divorce. You would not use the Prenup template that we provide for this type of conflict resolution. Our contract is for Financial Prenups. Instead, you might consider working with a lawyer or professional mediator to draft the agreement.
While it is not common, yes, you can sign an agreement after the wedding. In fact, you can make a financial agreement any time during your marriage. Most couples sign their agreement before the wedding since everyone is on good terms and excited about taking the next big step in their life. Even if you have a Prenup in place before the wedding, you will need to alter it periodically as your financial situation changes or if you make large purchases.
When you get married, you'll want to take the time to update your Will, if you have one. You might also consider adding a Living Will or Power of Attorney.
Last Will and Testament
Any time your family or your assets change, you'll want to update your Last Will and Testament.
Power of Attorney
Using a Power of Attorney document, you can appoint someone to manage your personal and business responsibilities if you are away or incapacitated.
A Living Will, often called an Advance Health Care Directive, allows you to appoint someone to carry out your end-of-life wishes.
We also provide documents for your marriage celebration such as service contracts for caterers, bartenders, musicians, DJs, limousine services and venue rentals.