A prenuptial agreement ("prenup" for short) is a written contract created by two people before they are married. A prenup typically lists all of the property each person owns (as well as any debts) and specifies what each person's property rights will be after the marriage.
How long before the wedding should we start the process of getting a prenup? Ideally, the process for getting a premarital agreement should be started at least 2-3 months in advance of the wedding. Unfortunately, many people do not get around to starting the process of getting a prenup until very close to the wedding.
If you are getting married and do not have a prenuptial agreement, or “prenup”, you run the risk of fighting for your assets in court in the event that you divorce.
What Can You Accomplish With a Prenuptial Agreement?
You should sign a prenuptial agreement prior to the marriage, because by definition a premarital agreement is one that is entered into before marriage. If you are considering marriage, consider entering into a prenuptial agreement early, since there are legal consequences for signing a prenup too close to your wedding.
While there are no set rules, signing at the last minute is not advisable. A recent Florida case highlights the potential problems associated with signing a prenup at the last minute: – A few weeks before their wedding, a future husband presented his fiance with a first draft of their prenup.
These documents need to be revised, refreshed, updated and reaffirmed through a post-nuptial agreement on a regular basis. This is advised every five years, but at the very least, couples should re-affirm their agreements every 10 years. Failing to do so could cause a prenup to appear stale and outdated to the court.
2. Prenups make you think less of your spouse. And at their root, prenups show a lack of commitment to the marriage and a lack of faith in the partnership. ... Ironically, the marriage becomes more concerned with money after a prenup than it would have been without the prenup.
While prenups usually aren't bad ideas, they aren't always necessary. For couples with significant financial assets on either or both sides, a prenup might be a good idea. If not, in the event of divorce one part could lose out on what was theirs to begin with.
It may represent an exit agreement far closer to their wishes than the court-ordered divorce. A good prenuptial agreement can even exert a positive force on a healthy marriage. Yet only five to 10 percent of marrying Americans get prenuptial agreements.
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