Navigating through the process of wedding planning is difficult enough without worrying about the legal specifics of a prenuptial agreement. Here is a basic guide to help you navigate the ins and outs of a prenup agreement so that you can get started on building your new life:
DEFINING A PRENUP: A prenup is a legally binding document that provides guidance and desires for distributions of assets should a marriage end. Some prenups take it even further and address responsibilities during marriage and what should happen in the event of a spousal death during the union. Prenups are highly personalized and tailored to each specific marriage based on a variety of factors.
WHY RUSH THE PRENUP: It is easy to put the drafting of a prenup on the backburner when there is so much excitement associated with the actual planning of the wedding and all of the engagement festivities. However, if a prenup agreement is on your agenda, it is important to take steps to address it as soon as possible. Negotiations and conversations leading up to the formal document can often take a lot of time and energy.
WHAT THE PRENUP ADDRESSES: Because each prenup is tailored to fit the personal needs of the couple, each agreement differs in scope and content The primary topic included in nearly any prenup is the distribution of assets should the marriage dissolve. This agreement also provides guidance in any rules for spousal support at the end of a union. In today’s connected world, many prenups now include agreements about what is allowed to be posted on social media accounts.
AMENDING A PRENUP: Prenups can be modified after the initial signing as long as both parties agree to the changes. Participants can also choose to set an expiration date within the agreement. Known as a sunset clause, this renders the prenup invalid after a specific set time.
POSTNUPTIAL AGREEMENTS: Once the marriage is official, you cannot go back and draw up a prenup. However, you can decide to institute a postnup agreement after the marriage has commenced. The concept of a postnup agreement is generally the same as its prenup counterpart, with the issues of allocation of assets being the primary topic addressed.