Marriage is a beautiful thing, but everyone must be realistic about the future before having a budget wedding to remember. There’s a chance that the marriage won’t last forever, and you should prepare for the worst. And what’s the worst thing that can happen? Well, your ex-wife/husband could receive a big payday after the divorce, and you will be the one giving your assets away.
A prenuptial agreement isn’t a sign that you don’t trust your partner. You can love him or her and still sign a prenuptial agreement. And think about this from your partner’s perspective too. Why wouldn’t they sign the prenup if they love you? As long as you guys are still married, money and other assets shouldn’t be a problem, right?
Furthermore, I want to share all the important things about prenups that everyone should know about.
Fairness is the priority
It’s actually common that a couple consists of one person who earns more than the other. And if the difference is really big and the divorce happens, the person who earns less will receive a lot of money. Think of Jeff Bezos’ ex-wife, Mackenzie Scott, who earned $38 billion from the divorce.
Prenups solve this problem by being fair. All the parties involved have to fully disclose all their assets and be accompanied by their own lawyer. And it’s actually the law to do this before the prenuptial agreement can be signed. Fairness is also the main reason why a prenuptial agreement is even a thing all over the world.
Full disclosure
More about fully disclose assets. All parties must not only list their assets and state their net worth but also reveal how much money they could get from inheritance. One day you or your partner might receive assets from a family member after their death. This must be fully disclosed in the prenuptial agreement.
Discuss this long before marriage
A prenuptial agreement is important, but you can’t be spontaneous about it. In some states, your prenuptial agreement could even be rejected, if you come up with it just before marriage.
This is why you need to come up with an agreement long before marriage. Discuss this with your partner and state your intent behind the prenuptial agreement. Remember that you can’t rush it, if your partner asks for more time to think about it then give them some time.
Alimony
This is probably the biggest topic when it comes to a prenuptial agreement. Probably you’ve heard some celebrities who have to pay a lot of money in alimony before. In the agreement, it can be stated whether alimony will be waived or not. If waived, it means one party can’t receive alimony from the other after the divorce.
On the other hand, if the agreement doesn’t mention it anywhere, then both parties can seek alimony from the other after the divorce. Alimony is a big topic, especially for a couple who already have kids or planning to have kids in the future.
Children aren’t part of the agreement
You can’t get away from your responsibility of paying child support no matter what. A prenuptial agreement can’t overrule this; therefore, children aren’t part of it. You won’t be able to use this excuse in court as well, as they do not let couples negotiate their responsibilities for their children.
Protect your assets
In a prenuptial agreement, it’s often for both parties to agree that premarital assets will remain that person’s asset after divorce. This is especially important if one party has more assets than the other. If it’s explicitly said that your assets that were brought into the marriage are yours alone, then you won’t lose anything.
The same goes for income or assets earned during the marriage. A prenuptial agreement could state that income or assets will be split evenly between both parties. This is the most common rule found in a prenuptial agreement and seen as fair. Though, it can differ from one couple to another.
Never too late to sign a prenuptial agreement
If you’re still in the dating phase, you should discuss this with your partner immediately. Don’t delay for too long, or it might be too late, and you’ll regret it. This is especially important if your marriage is still a long way to go.
Remember that a prenuptial agreement is about fairness and should accommodate both parties. Everyone should play fair and being considerate to your partner is the key.
