Whether it’s the economy or other forces at work, prenuptial agreements, or prenups, continue to gain popularity. While it used to typically be the husband-to-be who requested a prenup, these days it is slightly more likely to be the wife-to-be seeking it.
Prenups are no longer just about protecting assets. In this age of runaway debt, they are also about protecting one spouse from the other’s debt.
Some common mistakes to avoid are:
- Getting it done with only one attorney and thinking that that attorney represents both fiances. One attorney cannot represent the interests of both intendeds.
- Not knowing the property division law in the state in question.
- Not knowing how to enter a calm and clear-headed discussion about the issues with the other future spouse.
- Not carefully reviewing the agreement and not taking its words at face value. The less-endowed partner should be wary of provisions intended to regulate behavior … or deny the existence of any marital property that the less endowed spouse would leave the marriage with.
- Giving up too much without adequate consideration of long term consequences. For example, how would a stay at home caregiver and homemaker for many years support themself in the event of divorce if they waive alimony in the agreement?