Pre-Nups: Should I get one?

During this unusual time when everything seems to be on pause, you may be thinking about your relationship and assets and whether you need a prenuptial agreement if you do choose to marry your partner. Doing your research and educating yourself costs nothing and could save you tens of thousands of dollars in the future.

What is a prenup? It’s a contract and unless you marry each other, it has no legal effect, even if it is signed. The prenup can be as extensive or limited as you want – it can encompass all of your property or just a condo; your whole business or even just a single investment account can be included.

The prenup can even be used to negotiate the amount and duration of spousal support, or alimony. If you will likely be the breadwinner in a relationship, you should know what your exposure is. Without the agreement, you may find yourself on the hook for an immense monthly payment with little to no options of modification. A prenup cannot negotiate child support, though.

Finally, you and your partner can agree that the prenup will terminate or modify after a period of time. For example, after your 10 year anniversary, the prenup is void. Or, after the birth of a child, the terms modify to provide for additional support. The options are nearly limitless.

Despite what the terms of the agreement are, my best advice is not to do it on your own or using computer software. Unless the prenuptial agreement is done absolutely correctly, it is susceptible to attack. What’s the point of protecting your assets if you have to spend tens of thousands of dollars in defending it? Do it right – it’s worth it.

I’m already married and didn’t get a prenup. Is it too late? Maybe not. Call me.

Deborah Soleymani, CFLS*

*Certified Family Law Specialist

Disclaimer: I cannot give legal advice. The subject matter of this post is general and not applicable in all cases. For case-specific advice, please reach out to me.