WILL WEDDING BELLS BE RINGING FOR YOU IN 2023?
If you got engaged in 2022, congratulations! There are so many things to consider! You’ve found the right person, now what about the right venue, food, clothes, flowers, and…legal agreements? While planning your perfect day, consider whether an Antenuptial Agreement (commonly referred to as a “Prenup”) would be a good choice for your growing family.
What is a Prenup?
A Prenup is an agreement two people enter into before getting married to set financial parameters and rules in the event of death or divorce. The law provides basic, generic rights, obligations, and considerations, but a Prenup allows you to essentially write your own law that’s tailored to your family. Just like a dress or suit can be tailored to fit you perfectly, a Prenup can be crafted to flatter and accommodate your family’s specific needs.
What’s the First Step?
The first step is for each party to create a complete list of all assets, debts, and income expectations. That’s a good exercise regardless of whether a couple is considering a Prenup. Many families suffer from misunderstandings that could have been prevented with clear communication. When someone is surprised, it can create opportunities for wrong assumptions and mistaken motivations. One party’s credit card debt can be an increasingly stressful secret or an opportunity to identify an issue and find ways to address it together. Transparency is an excellent foundation on which to build a marriage.
What Can Be Included?
It’s easier to think about what can’t be included: Prenups cannot address child custody, parenting time, or child support. Basically, everything else is fair game! Want to protect a business? A Prenup can do that! Need to protect an inheritance? It can do that, too! Want to establish expectations regarding maintenance/alimony? A Prenup might be a good fit for you!
Prenups are common in “Brady Bunch” situations with blended families, whether the kids are minors or adults. A Prenup can allow a parent to ensure that their non-joint children are financially protected and that a marriage won’t negatively impact them.
Prenups are also common when one or both parties have significant assets or anticipate a large inheritance, like in the case of a family farm passed down through generations. A Prenup allows a family to grow with a common understanding of how wealth is being created.
What if We Change our Minds?
Prenups can always be changed with the agreement of both parties. Circumstances change, and so can Prenups!
Isn’t Signing a Prenup an Indicator that Your Marriage Won’t Last?
No! A Prenup sets the rules you want to govern your family in the event of death or divorce. Being transparent about expectations and memorializing agreements is good planning. The unknown is scary. A Prenup helps people make sound, informed decisions.
Who Can Help?
The family law attorneys at Blethen Berens have decades of combined experience helping families. We can assist in identifying options so you can decide whether a Prenup is right for your family.