Prenuptial agreements are becoming increasingly common as couples marry later in life and bring more income, assets and/or debt into marriage. However, that doesn’t mean the prenup should be treated lightly. A prenup is a contract and should be carefully negotiated and drafted to ensure it meets the needs of both parties. If you have concerns about your prenup, don’t ignore them. Even if you are fine with the agreement, it’s a good idea to have your own matrimonial attorney review it.
What Are the Benefits of a Prenup?
A prenuptial agreement allows couples to address financial issues before they marry to minimize disputes during marriage and if the marriage ends. In going through the process, they must fully disclose their finances, make decisions about how they want to handle their money matters during marriage and determine what happens to their property in the event of divorce or death. Talking through these issues before the wedding can help strengthen the relationship as couples learn more about each other and their expectations for their lives together.
Do You Need an Attorney to Draft and Review Your Prenup?
Often, one party will hire an attorney to draft the prenup. While this may be fine to start, the other party should have his or her own attorney review the agreement at a minimum. Hiring your own lawyer ensures that you have someone looking out for your interests and addressing your concerns. Your lawyer will check to make sure that your agreement is valid, enforceable, meets your needs and does what you intend it to do. If it doesn’t do that, your lawyer can negotiate terms as needed.
Unfortunately, some agreements are not fair. More often, prenups are not comprehensive or detailed enough, leaving room for future litigation. This defeats the purpose of the prenup. Addressing details and removing vagueness are of the utmost importance. Having your own attorney review it protects against a faulty agreement. You and your spouse should also take care to hire matrimonial attorneys for this purpose. Estate planning attorneys may do prenups, but they do not always appreciate all the nuances involved in matrimonial law.
Can You Revise the Prenup After You Signed It?
Yes, you can revise the prenup. You and your spouse can negotiate and sign an amendment to your prenup. If, however, the agreement has problems that cannot be addressed with a simple amendment, it is probably better to enter into a postnuptial agreement to cure the problems in the prenup. A postnup is the same as a prenup but is signed after marriage. In going down this road, your spouse should be amenable to changes so that you don’t find yourself renegotiating terms.
Like any contract, prenups and postnups should be carefully negotiated and vetted by an attorney for each party to ensure they are fair and address the needs of each spouse. If you are considering a prenuptial or postnuptial agreement, please contact us to find out how we can help.
