Marriage is about more than love.
Its a legal contract that financially binds you to another person for better or worse.
No one likes to think about splitting up before they even tie the knot.
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And they set forth reasonable expectations between both parties.
Prenups arent just for the super wealthy.
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Getting a prenup might not be on your wedding checklist but maybe it should be.
So what is a prenup, exactly?
Heres everything it’s crucial that you know.
What Is a Prenup?
It also details what each partys property rights will be in case of divorce.
You enter a prenuptial agreement before you and your partner get married.
(A postnup is a similar agreement, but its signed after you get married instead of before.)
They can vary in length and complexity.
They cant include a plan for child custody or child support, for example.
How Much Does a Prenup Cost?
Online services likeHelloPrenupcharge a flat $599 fee to create a legal prenup.
An attorney will charge you by the hour to draft a premarital agreement.
Factors that influence the cost of a prenuptial agreement:
The cost also varies depending on where you live.
Who Needs a Prenup?
Still, a prenup can benefit certain couples more than others.
Here are a few instances when getting a prenuptial agreement can be especially advantageous.
You Live in a Community Property State
Divorce looks different depending on where you live.
The same goes for personal property: Courts in community property states generally split marital assets 50/50.
All other states are considered equitable distribution states.
Here, judges can divide marital assets in a way they deem fair.
A prenup wont detail what specific property your children will inherit.
(Thats whata willdoes.)
Instead, a prenup can be written so that a house or other assets remain your personal property.
This way, you could pass that property orinvestment accounton to your kids later.
This can be particularly helpful if one partner has significant student loans or business debt.
The same goes for any new businesses you create after you get married.
A prenup can be written to protect any current or future businesses from claims during a divorce.
For mostsmall business owners, their work is their livelihood.
Getting a prenup is one way to protect this major asset.
Prenuptial agreements can help protect assets you both already own in the event of a divorce.
Older couples often enter a marriage with more personal property and wealth than younger couples.
You might already own your own home and have substantial savings in your retirement account.
Finding a good lawyer is also key.
Start the Process Early
Dont rush to write a prenup right before your big day.
Experts suggest discussing a prenup with your partner at least six months before you get married.
Many people sign a document too hastily without thinking through the terms, Cronin said.
This could have devastating and lasting consequences.
Waiting until the last minute could also make the prenup less valid down the road.
Evidence of technical errors, coercion and unfair terms can invalidate a prenup in the event of a divorce.
Be Kind
Entering a prenuptial agreement can be emotional.
Be respectful of each others feelings, reactions and thoughts.
Its essential that both parties feel heard and valued.
Never sign a prenup without first understanding your rights.
What Should a Woman Ask for in a Prenup?
Prenups have a negative reputation as something older wealthy men make younger trophy wives sign.
The truth is prenuptial agreements can protect women from a financially devastating divorce just as much as men.
And thats important, because women historically shoulder more negative financial outcomes after divorce than their male counterparts.
Those effects are short for men but chronic for women.
Meeting with your own lawyer to review the premarital agreement is essential if you want to negotiate fair terms.
All of the suggestions below can apply to both men and women.
Here are a few things to consider when getting a prenuptial agreement.
Alimony
Women generally shoulder the financial cost of having children more than men.
They often provide child care for free at the expense of their own careers.
Alimony payments can help compensate a parent for these costs by establishing an agreed-upon structure for spousal support payments.
It shows that your future spouse values you and values that domestic work, Morse said.
Setting up the terms of these payments now also spares nasty court battles later.
you’ve got the option to stipulate that your retirement account is off limits, for example.
Gift Clause
Divorces can get really messy.
Your significant other may give a shot to take back expensive gifts, like jewelry.
A gifts clause can ensure each spouse gets to keep what their partner gifted them during the marriage.
Any money in a joint account will be treated as marital property during divorce.
you’re free to also decide how to divide any life insurance policies for current or future children.
Pet Clause
You probably love your pet like family, regardless of your gender.
Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder.
She focuses on retirement, investing, estate planning and taxes.
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