Are you getting married soon and need to know how to approach a prenuptial agreement? Have you been married a long time and wonder if you can draw up a postnuptial agreement? Read this short guide to find out everything you need to know.
If you are getting married soon, you may be considering a prenuptial agreement or contact. As there is such a large stigma around prenups, you may not have a great knowledge or understanding about them. Accordingly, you may not know if drawing up a prenup is the correct thing to do in your situation. In this short article, you will learn what prenups are, if you should create a prenup, how to create a valid prenup, how much prenups cost, and if you can still create a prenup if you already were married.
What Is a Prenup?
A prenup is a contract made by you and your spouse listing all your individual assets and debts and detailing the rights of everyone in the event that the marriage ends. If you do get divorced, the prenup will protect everyone in the divorce proceedings and divide your assets and debts according to your contact. However, if you do not have a prenup and get divorced, the division is either left to the individuals to agree upon or to the court, or state, if the individuals do not come to a civil resolution on their own.
Should You Draw a Prenup
When you are entering into a marriage, the last thing you would like to think about is the dissolution of that union. However, often, a prenup can offer a significant number of benefits well above slight discomfort. If you consider any of the following advantages to be intriguing, you should look into creating a prenup:
Arranging an Honest Conversation
Even if you have been with your fiancé for a long period of time, you may not be aware of every aspect of their life. Sitting down with your partner and a lawyer and discussing assets and debts can give your insight into their financial situation and their financial habits. Furthermore, discussing the details of a prenup can show you their expectations during your marriage and in the event of a divorce.
Adding to a Peaceful Marriage
A prenup adds a sense of peace within the marriage itself knowing that you will be protected in the worst-case scenario. This is especially important if you or your partner have significant struggles in a certain aspect, such as financially. For instance, if you struggle with a spending problem, your partner will not have to worry about your debts becoming theirs which can help avoid marriage-altering arguments.
Providing a Way Out
Sometimes, when individuals get married, they find out their partner is not who they think they are, or they change somewhere along the way. A prenup gives you an easier way to get out of an unhappy marriage, rather than staying out of financial fear.
Protecting Your Children
If you have children from prior marriages or relationships, you may wish to detail the assets or properties that should be left to your children if you pass away. If this is not spelled out in your prenup, your spouse may be able to claim a certain amount without leaving a preferable amount for your children. In this way, a prenup can also protect your children.
How Do You Create a Valid Prenup?
In the United States, every state allows a prenup to be drawn up. However, the prenup must meet state requirements and be deemed fair to be considered valid. Therefore, it is best to use a pre-made prenuptial template for your specific state and get your prenup reviewed by a lawyer.
You can use specialized websites to access any prenup template such as:
After you have created a draft or if you need assistance formulating a prenup, seek out a lawyer concentrating in family law to review or help with the process. You can use one of the following attorney finders:
How Much Is a Prenup?
The cost of a prenup can vary depending on the state you live in, the lawyer you hire, the complexity of your agreement, and the length of your particular contract. Most attorneys will charge per hour for their time, therefore, the simplest and shortest prenup agreements will be the cheapest. However, if you have many assets, debts, and terms to detail within your document, then this may be more expensive. Additionally, your prenup may take extra time if you need help with the drafting process rather than simply a review.
On average, a family lawyer charges $100-$400 per hour for their services. Some lawyers may charge a flat rate for the drafting process and an hourly charge for the review process. If so, this rate is typically between $500-$600 yet it may not include all the services an hourly charge would include. Since this is the case, it is important to make sure you know what is included in the price you are paying. For instance, it may not include revisions, a final copy, or their presence at the signing.
Can You Create a Prenup After Marriage?
After you get married, you can create a similar contract to a prenup. It is called a postnuptial agreement. Typically, couples create a postnup if they did not have enough time before exchanging their vows, if their financial situations have changed significantly while being married (such as receiving a large inheritance), or if they are contemplating separation.
If you are contemplating creating a postnuptial contract, you will need to contact an attorney specializing in family law. They will help you assess and separate any shared assets and debts and how you could divide fairly. This can be difficult to do on your own, especially if you have been married for years. In these cases, finances and property become more and more entwined.
Like drafting and drawing up a prenup, a lawyer will charge either an hourly fee or a flat fee and hourly rate for extra services. In most cases, a postnuptial contract is more complex than a prenup. For this reason, they usually cost more even if the hourly rate is the same. On average, it may cost between $1000 and $3000 dollars.