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A prenuptial agreement, antenuptial agreement, or premarital agreement, commonly abbreviated as prenup, is a contract entered into prior to marriage, civil union, or any agreement prior to the main agreement by the people intending to marry or contract with each other.
The content of a prenuptial agreement can vary widely, but commonly includes provisions for division of property and spousal support in the event of divorce or breakup of marriage.
Most couples will create a prenuptial agreement if either partner:
Owns real estate property such as a home Owns a significant amount of assets like stocks or retirement accounts Has children from a prior marriage Will be supporting the family during critical periods, such as a child’s college fundsTherefore, it's often prudent to at least consider a prenuptial agreement. Having a prenuptial marriage agreement does not mean that a couple is anticipating a divorce, however, there are Pros and Cons.
Pros include:
An opportunity to practice your communication and negotiation skills (including whether you should sign a prenuptial agreement) – which are vital to every marriage! Protection of retirement assets accumulated previous to your relationship. A prenup can protect you from your spouse's accumulated debt. A prenup forces you to commit to full transparency when it comes to talking about your finances. A premarital agreement can protect the inheritance rights of children and grandchildren from a previous marriage. If you plan to give up a lucrative career after the marriage, a premarital agreement can ensure that you will be compensated for that sacrifice if the marriage does not last.Cons Include:
Starting a relationship with a contract that sets forth the particulars of what will happen upon death or divorce can engender a sense of lack of trust. A prenuptial marriage agreement makes it seem like there is a lack of a lifetime commitment to one another. Increased wedding expenses – you should hire an independent lawyer to review the prenuptial agreement before you sign it The prenup may favor one spouse. If you contribute to the continuing success and growth of your spouse's business or professional practice by entertaining clients or taking care of the home, you may not be entitled to claim a share of the increase in value if you agree otherwise in a premarital agreement. Some people look at doing a prenup as "planning the divorce" before "planning the wedding."
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