5 Mistakes to Avoid When Making a Prenup Agreement
When the love of your life proposes, you are out of your mind with happiness, and you start looking forward to your wedding day. Still, as you are planning a wedding reception, honeymoon, and picking the dress, there are some things you shouldn’t forget. One of them is a good prenuptial agreement – when done right, it’s a great approach to making long-term plans for future. You don’t want to learn the hard way that your prenup has fallen short, which is why you should pay attention to the following things.
Don’t keep quiet
Sometimes, couples will avoid talking about a prenup altogether because they feel that it’s not romantic, and it can make the atmosphere awkward too. It is, however, absolutely necessary to talk openly to your partner about prenuptial agreement as it concerns your future. Yes, it’s true that it’s less casual than talking about your honeymoon and wedding vows, but it’s equally (if not even more) important to discuss the matter before your wedding. Finances are always a tricky topic, but that doesn’t mean that it should be avoided. On the contrary, it’s a matter that should be discussed often and that both parties should be open about, states Ramit Sethi, bestselling author and finance advisor.
Don’t postpone it
Couples tend to put off signing until the very last minute: it can happen that some couples sign the agreement only days before the wedding. Give each other enough time to read the document thoroughly and discuss it with your lawyer (or separate lawyers if you want). This also means that you will have enough time to review the document if need be. Try to sign the agreement before you send out the invitations, as after a while, one of the parties can say that they were forced into signing it. Prenuptial agreement cannot be a secret nor should you wait too long to sign it, states Fred Silberberg, a family law specialist from California.
Making a Prenup Agreement
Understand what you’re signing
Walking into a lawyer’s office saying: “I’m getting married in a month and my fiancé wants me to sign a prenup” is definitely a wrong way to get started. Agreements are signed to testify that both parties are entering into a financial agreement willingly, and it provides for what will happen to both of yours possessions, properties, as well as financial assets in case the two of you separate. It’s a means of protecting what you already own as well as what you’ll get in your marriage. By signing this agreement, both of you are deciding to safeguard your property during marriage and in case of separation and/or divorce. If you’re not sure what you’re signing, consult a lawyer and ask them to help you understand it better.
Think of everything
While people can get carried away with what they own, that they forget about the things of sentimental value such as pets, or social media accounts which you use for business, or even premarital debts. If you are bringing a pet into a relationship, you should list them as separate property. Even if this seems heartless to you, it’s important that you do it, otherwise you can end up losing them. Also, make sure you disclose all debts, or in case of separation or divorce, you can end up having to pay a portion of your spouse’s debts too.
Get legal advice
There are people who believe that just by signing a document they have done their share. Sadly, it isn’t always so, as there are some documents which will not be legally binding unless certain conditions were met: you cannot be a minor and you must be of sound mind. If you want to make sure that your prenuptial agreement will stand in court and be legally enforceable, you better consult a lawyer specialized in family law. Withstand Lawyers will provide you with lawyers who will do everything to ensure that your interests are protected and that the agreement you sign holds in court, if need be.
Prenuptial agreements exist to protect both parties involved, and they are rather common these days. However, some people still believe that those who sign prenup agreement don’t really love each other and are only getting married out of convenience. Before you sign, make sure both you and your partner are on the same page and that both of you have the same vision of your future. This way, you will avoid unpleasant conversations which might happen in future with friends, family members, and even your significant other.