Top mistakes to avoid when drafting a prenuptial agreement
This article looks at three tips to keep in mind to negotiate an enforceable prenuptial agreement.
Prenuptial agreements were once a taboo subject, but in recent years a growing number of couples have realized the importance of going into a marriage with the clarity that a “prenup” provides. As the New York Times reports, prenuptial agreements have become especially popular among Millennials in recent years, largely because they are getting married older and with more assets than their parents did when they first wed. Prenuptial agreements are an important area in family law and by keeping in mind some helpful tips it is much easier to draft an agreement that is both fair and has a higher chance of holding up in court.
Start discussions early
Planning a wedding can be stressful and it’s important to draft a prenup when both parties are relaxed and calm. That’s why most matrimonial attorneys recommend discussing a prenuptial agreement as soon as possible, usually at least six months before the wedding. Waiting until two weeks before the marriage, when one or both spouses are likely to be more concerned about vendors and soon-to-be in-laws is not an ideal time to be discussing the division of marital property in the event that the marriage doesn’t work out.
Look at the prenup as an opportunity
While prenups aren’t as taboo a topic as they used to be, they can still make some people feel uncomfortable. The key to getting over this problem is to look at a prenuptial agreement as an opportunity to be more open about finances and to thereby make the relationship stronger. As CNBC notes, a strong and enforceable prenup will require both spouses to be completely forthright about how much they own and owe. This opportunity will mean both spouses will be entering the marriage completely clear about each other’s financial situation.
Understand the limits of a prenup
Prenuptial agreements can cover a lot of ground, but they can’t do everything. Prenuptial agreements primarily cover areas related to finances and property, such as who gets the house and how retirement accounts get divided. One big area of family law that prenups can’t touch on is child custody and visitation. In the event of a divorce, the courts will determine custody based on what is in the best interests of the child, regardless of what a prenup says.
Family law help
Drafting a prenuptial agreement or dealing with another family law issue is rarely easy. That’s why it is important to talk to a family law attorney for help. An experienced attorney can provide clients with guidance through various family law-related issues, whether its drafting a prenuptial agreement or dealing with challenges related to a divorce or separation.