Congratulations on your engagement! Whether it’s for the first time or more times, planning a wedding (and life together) is incredibly exciting. However, between the dress fittings and cake tastings, a question lingers in the background: do I need a prenuptial agreement?
The answer is: maybe. Before gearing up for a big conversation, first ask yourself these questions to see if a prenuptial agreement may be necessary.
- Do I (or my family) have assets that I want to protect in case of death or divorce?
- Do I (or my future spouse) have significant debts that one of us doesn’t want to be responsible for?
- Do I (or my future spouse) have children?
- Do my future spouse and I plan to have disparate career paths? For example, will I work while he/she raises children or vice versa?
- Do I (or my future spouse) expect a large inheritance in the future?
If you answered yes to any of these questions, you should begin by having a conversation with your future spouse. While you will both need separate legal representation to execute a valid prenup, you can begin by talking to your financial advisor about your concerns. They can help you, as a couple, think through how assets are valued and titled, how the terms of a prenup may or may not affect your future financial goals, and (after signing) how to properly set up your finances to ensure compliance with the agreement.
Then, each attorney can help walk through the drafting of the terms agreed to.
It’s important to not wait until the last dress fitting to start these conversations. Many agreements take several months to get in place and there are timing requirements within the law to ensure that each party has ample time to consider the agreement before signing. So, start thinking and—most importantly—talking now!
Finally, if you are already living your happily-ever-after but still have answered yes to any of the questions above, it isn’t too late. Prenuptial agreements can become postnuptial agreements if you’ve already said, “I do.”
If you have questions regarding pre or postnuptial agreements, please don’t hesitate to reach out.
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