5 Tips When Considering a Prenuptial Agreement

On the fence about whether to get a Premarital Agreement?

While it’s much more exciting to focus on dresses, flowers and honeymoon destinations than contemplate the “what ifs” of a divorce, more and more couples are having candid conversations about alimony and property division just in case their union isn’t actually until death do they part.

 Who Needs Prenuptial Agreement?

Laura Wasser Smith, divorce attorney for celebrities such as Kim Kardashian and Johnny Depp, recently put it like this:

“You get married and you sign contracts. You get a contract for the venue where you are going to have your wedding, you probably have some sort of a contract with the person who is making your dress and your caterer, the band … and the florist.  You have all these contracts … but the most important contract you enter into when you get married, is your marriage contract. 

Everyone says … ‘it’s not sexy,’ but you are doing it anyway!  When you get married, you are signing a contract whether you have a prenup or not.  The contract is the law in the state that you’re going to live in … that law is going to govern you.” 

What is a Prenuptial Agreement?

If you don’t like those laws, you (and your spouse) can make your own rules that will govern in the event of a divorce.

5 Tips When Considering Drafting a Prenuptial Agreement

Here are 5 tips from CGG divorce lawyers with collective decades of experience in drafting Premarital Agreements, and in representing spouses in divorces where the existence (or absence) of such a contract made a huge difference:

1. Talk to a lawyer. 

Have a coffee date with a divorce lawyer and/or a mental health professional who works with divorcing couples. You can learn a lot from these professionals about common themes of conflict, and address them head on before your vows are expressed.

2. Be truthful about the good AND the bad. 

Speak to your fiancée in detail about your respective finances, whether you want children and how they will be raised/parenting styles, and goals with regarding careers and family life. In speaking with your potential spouse about finances, make sure you both are on the same page with a budget plan or ideals for spending and saving.  Be open and honest about all of your finances, but especially any debt you may be bringing into your marriage. Your spouse may have different expectations than you about who is responsible for paying your premarital liabilities once you say, “I do.”

3. Keep good records. 

Save all of your financial documents from the month that you are married (better yet – for 6 months leading up to the date of marriage).  You can scan and save them electronically, and for added protection, keep originals in a safe deposit box or fireproof safe.

4. Don’t become completely financially dependent. 

Avoid putting yourself in a position that makes you entirely financially dependent on your spouse. Even remaining in the workforce on a part time basis is often worth the sacrifice.

5. Don’t forget about the Agreement. 

Review your Premarital Agreement frequently – especially upon ‘big’ events such as buying or selling a house, changing (or leaving) employment, etc.

Prenuptial Agreements Lawyer in Fairfax, Northern Virginia

If you have questions about Premarital Agreements, contact the experienced lawyers at Cooper Ginsberg Gray at (703) 934-1480.