How to Draft a Prenup You Never Plan to Use
You’re engaged, planning your wedding, and ready to start your future together… but, not so fast. There is still one important piece of business that you need to address before you can begin celebrating and planning your future.
Why You Need a Prenup
Before you enter the contract of marriage, you need to have a plan about what to do if one of you breaches that contract and you need to divorce. Of course, nobody goes into a marriage planning a divorce and our hope is that it is something that you never have to experience. However, the reality is that approximately 50% of American marriages end in divorce, some many decades after their wedding day. Therefore, we believe that a prenuptial agreement is like an insurance policy. You should have a prenuptial agreement just in case of divorce, just as you have property insurance just in case of fire and life insurance just in case of premature death.
Drafting a Prenup
Accordingly, the lawyers of Petrelli Previtera Schimmel believe that it is important to negotiate and execute a fair and legally binding prenuptial agreement with the person whom you love before other things get in the way. In order to do this it is important that:
- The document is equitable. A court is unlikely to uphold a prenup that is blatantly one sided and that does not account for the interests of both parties.
- Both soon-to-be spouses are represented by counsel. If both partners are represented by lawyers then both of their interests will be protected and the court will presume that both parties understand the terms of the agreement before signing it.
- All details that are important to you are included in the agreement. While some things, such as child custody, cannot be included in a prenuptial, other important things can. The most common details are those that relate to property, money, and other assets. However, other things such as who gets to keep the family pet can also be included and upheld.
Please let us be the first to congratulate you on your upcoming marriage, and let us help you establish the kind of financial honesty and long range planning that will make the business and financial side of your marriage partnership successful.