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It’s possible to save on legal fees by creating your own first draft. Now that you know what’s involved, how do you get a prenup?

The terms could specify those assets would remain with you or your children. If you’re expecting a significant inheritance, a prenup could help you avoid losing the estate in the event of your death or divorce. Either party has an inheritance of family assets to protect A prenup could specify how much each person should pay, perhaps depending on how much each person owed. If you’re both bringing debt into the marriage, you could talk to your legal or financial adviser about consolidating your debts. But a prenup could specify you’re not responsible for your partner’s debts from before the marriage. Love may not be enough to conquer high credit card bills, outstanding loans or a bankruptcy filing. Either party is bringing debt to the marriage Negotiating a share in the partner’s assets-a successful business, for example-could grow that person’s wealth in a marriage. There’s a common misconception that prenups are only for people who don’t want a spouse to get their money in a divorce.īut a prenup could also be used to benefit someone coming into a marriage with few assets. People with children and grandchildren from a previous marriage may want to leave their assets to them instead of to their new spouse. Either party has childrenĪ prenup can detail who would inherit your money or property in the event of your death. If you’ve been married before, you might want to protect the assets you acquired in the divorce.Īnd if the person you’re marrying has been divorced before, they may still have debts, alimony payments and attorney’s fees to consider. Prenups can also be beneficial for those getting married when any of the following circumstances exists: Either party was previously married A prenup could override the legal requirement that divorcing couples split all assets and debts equally. You might consider a prenup if you live in one of the nine states with community property laws. Lawyers also might advise against including infidelity clauses, big payouts or anything that could make divorce more tempting than staying married. For instance, there could be laws that prohibit you from including child custody, visitation rights and child support payments in a prenup.

The other’s income, called alimony or spousal supportīut legally, a prenup can’t cover everything.

Auto, mortgage, student and medical loans.

Expenses, such as household bills, memberships and subscriptions.

Prenups can assign responsibility for the things you owe, including:

Money, including savings, stocks and bonds, retirement accounts, gifts and inheritances.

Property, like cars, houses, art, jewelry and furniture.

Prenups can assign ownership to your belongings, including: You can also set an expiration date for it, if you like. It can have as much or as little in it as you need. You may be wondering what to include in a prenup. Like any contract, a prenup could also help prevent legal disputes-possibly sparing couples years of litigation and thousands of dollars in attorney’s fees. The point of a prenup is to define each person’s rights and responsibilities if the marriage ends-either through death or divorce.īy outlining who keeps what, who pays for what and who’s responsible for what, a prenup could help you protect your assets and shield you from your partner’s debts. And it generally goes into effect on the day of the marriage.

Prenups are also referred to as premarital agreements.Ĭouples typically sign the contract before their wedding.

It’s generally advised that couples work with financial and legal advisers on a prenup.Ī prenuptial agreement, or prenup for short, is a legal document drawn up by lawyers on behalf of two people who plan to get married.

Prenups could benefit both partners, even if one is wealthier than the other.

They can be used to address finances before and during marriage.

Prenups detail each person’s rights to assets and responsibilities for debts if the marriage ends.

A prenuptial agreement-or prenup for short-is a legal document two people sign before they get married.

So if you’re getting married, you might want to consider binding those decisions in a contract called a prenuptial agreement-to help avoid legal issues and protect your financial future.

BLOP BLOP A NUP NUP HOW TO

But it could be easier to agree now-before the nuptials-on how to divide assets, pay expenses, settle debts and decide on alimony and attorney’s fees. No one wants to spoil the romance by thinking about that possibility, much less discuss and plan for it. For instance, how will they marry their finances? And how would they unmarry them if the marriage ends? But before couples walk down the aisle, there may be other matters to consider. You’ve bought the wedding dress, picked out the flowers and booked the caterer.

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