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To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective. Prenups cannot provide someone cash, assets or other items as “payment” for entering the marriage. You cannot use a prenup to get someone to marry you. If it’s found that either party was not, the agreement will likely not be valid. Most prenups will include a clause stating both parties have been transparent and honest. To be fully transparent, you’ll need to provide each other with accurate financial information and disclose all your assets and debts. Your prenup should consider financial and property rights. In some states, you may also have to sign in front of a notary public who will ensure each person is signing without duress. Never sign a prenup without first understanding your rights and making sure the agreement is valid. Most states require both parties to have their own lawyer review the document for it to be valid. In most states the agreement should not be signed immediately before the wedding because this can create coercion. That will make a court question its validity. Don’t write it in legalese and make it confusing. When drafting your prenup, keep it clear. So, if you’re drafting your own, make sure you understand what you’re signing. Prenups are becoming more common and courts scrutinize them less than in the past. You need a legal advocate to protect your rights and ensure the contract is valid in your state. Keep in mind that you’ll still need a lawyer to review any prenup you create. If you want to create your own prenup, there are several items to consider. There are complex state laws you’ll need to follow with regard to the drafting and signing of a prenup.
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How to Draft Your Own Prenupĭrafting your own prenup, or any legal document, is not recommended. You can have attorneys negotiate and draft a prenup, or you and your spouse can create your own. Contemplating these items with a clearer head is better for everyone. When you’re negotiating with your spouse about who gets what, emotions often run hot and can cloud your judgment about asset distribution. Even if you know it’s the right decision, it’s still an overwhelming and upsetting process. Avoid Emotional Argumentsĭivorce is emotional. Finances can create colossal problems in a divorce and clearing that up now can be helpful and cost-effective. They can also decide how debts incurred during the marriage will be handled. Some people enter a marriage with substantial financial debts or student loan debt.įor couples in this situation, they can enter a prenup and clarify that those debts remain the separate responsibility of the spouse who incurred them.
Prenups also provide debt protection, going hand in hand with clarifying financial rights. Consider the split now and hope you never need to lean on your prenup. While divorce may never come, figuring out the financial distribution now saves time and headache. Whether you come to the marriage with substantial assets or you have very little, you can decide now how assets will be split up instead of waiting until divorce proceedings. Prenups are specifically for financial matters. Combining this with proper estate planning, you can ensure pre-marital property goes where you want. Using a prenup, you can describe what property should remain separate from the marriage, protecting that property, should your marriage end. If you have kids from a previous marriage, you may want to protect their interests in your assets and property. Many prenups are used to establish property rights for second marriages. Pass Property to Children From Prior Marriages The prenup can also specify that items you inherit during marriage will remain your separate property. If you received a family heirloom as inheritance and want to make sure that if your marriage ends, you’ll get to keep that item, you can draft a prenuptial agreement that states that the family heirloom is yours. You can create a prenup for a single purpose. Let’s be clear-your prenup does not have to contemplate every asset and item you own, or every divorce scenario. If your relationship can’t survive financial planning before marriage, it most likely won’t survive the financial challenges marriage itself brings. Some people worry that creating a prenup will make it more likely they will divorce. Even couples of modest means can find value in a prenup. While extremely wealthy individuals use prenups most often, usually to protect familial assets or wealth earned before marriage, prenups can be a good tool for almost everyone.
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