Do I need a Prenuptial Agreement?

A prenuptial agreement (commonly referred to as a “prenup”) is a wise idea on many levels. Having a prenup prepared in contemplation of your marriage could save you thousands of dollars down the road.  In this day and age many individuals are waiting until later in life to get married and consequently a prenup is no longer reserved for the incredibly wealthy. 

Here are some of the more common reasons individuals consider a prenup:  Asset ownership, potential debt accumulation, children from a previous relationship, individuals who have a loved one anticipating elderly care, or even individuals who are pursuing a potentially lucrative degree.

If done correctly a prenuptial agreement will ensure that your wishes are carried out in the event your marriage ends in divorce, dissolution or even death.   However, it is very important to start contemplating it’s terms and reducing them to writing months in advance of the wedding.  This will give you time to ensure your list of assets is comprehensive and will strengthen the validity of the agreement.  An agreement “signed on the church steps” lends itself to the idea that pressure or coercion was used and could potentially render the agreement unenforceable.

Finally, it’s important for both parties to retain separate counsel in order to advise each party while negotiating.  Failure of a client to have representation at the time of the signing could result in the agreement being deemed invalid.  The process is considered too emotional and the terms cannot be changed after the marriage—only destroyed through mutual agreement. Due to this level of permanency it is absolutely necessary that it be signed knowingly& freely by each party.

Call to set up a Consultation and together we can determine whether or not you are a good candidate for a prenuptial agreement.   937 226 1212 

Posted on December 10, 2013 .