My fiance approached me with a prenuptial agreement, what should I do?
Sometimes prenuptial agreements are necessary to protect a person’s assets in the event of a divorce. For the person presenting the prenuptial agreement, the document is often already well thought out and catered to his/her needs. However, for the person being presented with the prenuptial agreement, this document sometimes comes unexpectedly.
So what should you do when you are presented with a prenuptial agreement before your wedding day? Should you sign it? Do you even have a say in it?
First, you probably shouldn’t sign a document that you do not agree with. Prenuptial agreement is a legal document that has binding effects on you and your spouse, especially at the time for divorce. While it may simplify certain aspects of the divorce process if drafted correctly, it is not always recommended to both parties. Furthermore, prenuptial agreements are often drafted to protect one party more than the other.
So, if you find yourself presented with a prenuptial agreement, you should definitely talk to an attorney prior to agreeing to anything.
Even if you are the one being presented with the prenuptial agreement, you still have just as much right to counter the offer in the drafted agreement as the other party. For one thing, you can choose to not get married. But that probably isn’t what most people want to do. You can also choose to counter with other provisions to make the deal more fair to you.
When considering the terms in a prenuptial agreement, you should think about the following:
How will this affect you in less than one year? Five years? Ten years? Longer than that?
How will this affect you when times are bad? Will you be protected?
What if times are OK now and they turn significantly better later? Will you get the assets you believe you deserve if divorce comes at that time?
If you anticipate that you will be sacrificing your career or business to focus on family during the marriage, are you financially protected in the event of a divorce?
If you anticipate that you will be devoting your talents and time to further the other person’s career or business, will you receive fair compensation for your work when divorce comes?
Are you aware of all the assets and debts the other person has? Are they clearly listed in the prenuptial agreement? Has the knowledge of that changes your thoughts on marriage and the terms of the prenuptial agreement?
Remember, once you sign it, it is difficult to undo and you are likely to be held to it at the time of divorce.
There may be other things that you should consider that are not listed here. The best way to protect yourself is to speak with an experienced attorney who can help you explore options and scenarios.
The content provided in this blog is for informational purposes only. This is not legal advice, and your viewing of this blog does not form any attorney-client relationship.
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