With the divorce rate hovering around 50%, marrying for love is simply not enough. Even the most romantic couple faces reality when assets, debts, inheritance, businesses, and children from previous relationships get thrown into the mix. That’s why more couples today embrace the pragmatism behind legal agreements that future-proof finances within marriage. According to surveys, over 60% of attorneys have seen significant increases in requests for prenups and postnups in the past three years alone.
What is a Prenuptial Agreement?
A prenuptial agreement (colloquially called a prenup or premarital agreement) is a legally binding contract signed by couples intending to marry. The prenup typically lists all the assets, debts, and liabilities that each person brings into the marriage separately. It sets the ground rules for determining alimony and the division of assets should the couple eventually divorce.
Prenups also commonly lay out terms for inheritance rights, distribution of property co-owned by only one spouse, and other financial rights and responsibilities during the marriage.
Benefits of a Prenuptial Agreement
While seen historically as unromantic, prenups offer many logical benefits:
- Protect pre-existing assets before marriage like investments, family property, insurance, and inheritance
- Define clear financial expectations and responsibilities within the marriage right from the start
- Avoid emotionally-draining and lengthy courtroom battles if divorce happens down the road
- Enable a clean and faster separation of financial assets if needed
- Ease tensions stemming from finances that often burden marriages
Prenuptial agreements play a crucial role in divorce by clearly delineating the division of finances, ensuring a predefined and mutually agreed-upon allocation of assets between the parties involved.
What is a Post Nuptial Agreement?
A post nuptial agreement has the same components as a prenup but is a post marriage agreement, not before. It includes terms for dividing up assets, support, debts, and all other marital property in case of separation, divorce, or death of a spouse.
Post-nups are often created when a couple who didn’t sign a prenup before getting married wants to revise their financial arrangements later. Major life events like career changes, relocation, parenthood, or new financial assets tend to be common triggers.
Benefits of Post Nuptial Agreements
Post nuptial agreements offer couples flexibility to:
- Account for assets, debt, or inheritance acquired after marriage
- Reflect changing goals and values a decade or more into married life compared to newlywed expectations
- Revise outdated or unrealistic terms made in a prenup years earlier
- Add or modify provisions on estate planning and distribution of assets after death
- Ease tensions over finances before problems escalate into marital strife
Requirements for Enforceability
Like any legal contract, prenups and postnups must adhere to certain formalities for courts to uphold them as binding if challenged:
- Voluntary signing – Without coercion or threat of calling off the wedding
- Full financial disclosure – Of all current income, property, assets, and debts
- Independent legal advice – Lawyers for both parties to explain legal rights waived
- Reasonableness – During signing and execution of separation
Common Concerns and Fears
It’s natural for some discomfort or fear to surface when family finances become entangled with romance. Common concerns include:
- Feeling the agreement encroaches on romantic notions of unconditional love and marriage
- Questioning trust between partners when “yours, mine, and ours” gets defined
- Anticipating divorce rather than hoping for “till death do us part”
However, just like any contract in life, agreements made out of practicality need not diminish the affection, respect, care, and team spirit you have for one another. Think of it as your way of lovingly protecting each other’s interests.
Why Work with a Family Law Attorney?
Navigating prenups and postnups legally can get complicated fast. An attorney well-versed in family law can:
- Ensure your agreement is compliant to state laws and court precedents
- Advocate impartially for your best short and long-term interests
- Explain thoroughly the different options and trade-offs available
- Handle sensitive negotiations and paperwork properly from start to finish
Don’t leave the fate of your hard-earned assets before and during marriage to guesswork. Seek professional legal help instead.
The following is a DRAMATIZATION AND IS NOT AN ACTUAL EVENT: Amanda and Zach had dated for 5 years before getting engaged in 2019. Both had accumulated some real estate assets and retirement accounts from past jobs. Initially afraid that getting a prenup meant anticipating failure, they finally decided to get professional legal help to protect their interests. When Amanda inherited $500 K recently after her father passed away, her attorney also drafted a postnup accounting for this added inheritance. Having these agreements drawn up gave them extra peace of mind entering marriage as equal, consenting partners.
How to Bring Up Conversation of a Prenup or Postnup
Broaching the subject of financial agreements before or during marriage can feel awkward. You don’t want your partner to think you lack trust or anticipate failure of the relationship. However, framing the conversation properly can set the right tone.
Here are some tips:
- Bring it up early, not right before your wedding. Last minute prenup talks can raise suspicion.
- Use “we” not “you” language. Say “We should likely get a prenup to protect our assets” not “You would probably need to sign this.”
- Emphasize it being in both your best interests, not just yours. Explain how you want to protect each other’s savings and property.
- Reinforce mutual respect and love while still tackling the pragmatism behind the agreement.
- Make it clear it’s primarily about life insurance, medical emergencies, inheritance, etc. not anticipation of divorce.
- Suggest speaking to attorneys together to find solutions and dispel incorrect assumptions about what goes in prenups.
The following is a DRAMATIZATION AND IS NOT AN ACTUAL EVENT: When Priya’s startup got acquired for $15 million dollars, she brought up getting a postnup to her husband Ajay a few weeks later during a walk. She focused on wanting to secure their financial futures as partners in case her being suddenly so wealthy jeopardized their egalitarian marriage.Ajay initially got offended but after some open-hearted talks and each speaking to an attorney, recognized her intention came from prudence not mistrust. They had a postnup drawn to protect both their expanding assets.
So approach the topic calmly and lovingly. With some patience on both sides, get informed legal guidance, and reiterate your commitment, you can make the process wholly positive for your marriage.
Conclusion
With divorce a coin-flip likelihood, hoping love alone will pull you through is no longer enough. Be proactive. Whether before or years into marriage, crafting a prenup or postnup with an experienced family law attorney series you and your spouse in the best way possible.
Contact us today for a consultation at (813) 902-3576. We approach all agreements with discretion, compassion, and protection of your interests in mind for today and the long run.
FAQs
1. Does a prenup or postnup mean I don’t trust my spouse?
No, financial agreements are simply protective measures and not indicative of suspicion or mistrust towards your partner. Openly addressing finances cements trust since everything gets presented upfront in a relationship.
2. Can I put child custody and alimony terms in an agreement?
Yes, prenups and postnups often contain provisions for dividing child custody along with amount and duration spouses or ex-spouses can expect to provide or receive as alimony payments.
3. What happens if I don’t get an independent lawyer to review?
Lack of independent counsel for both parties can potentially get the agreement challenged as coercive or illegal. Always retain lawyers to review and explain terms to uphold enforceability.
4. Do these agreements get updated automatically over time?
No, you would need to draft a new postnuptial agreement if you want to account for major financial or life changes during your marriage and replace an existing prenup or postnup.
5. Can a prenup cover what happens when my spouse or I die?
Yes, prenups and postnups can include clear instructions on inheritance rights, property transfers, and distribution of all assets if death of a spouse occurs.
