Congratulations, you have found the person you want to spend the rest of your life with! As the big day gets closer, there is a drastically important conversation that every couple should have about how their legal rights change on the wedding day and that it may be a great idea to entertain a prenup.
While it is understandable that many couples do not even want to contemplate the ramifications of a prenup, such as a potential break-up or divorce, considering a prenup remains an important step to a flourishing relationship and marriage to engage in such a difficult discussion.
Clarity of Misconceptions
Prenuptial agreements, their purpose, and protections, are often misinterpreted by most individuals. Much of the bad reputation associated with prenups stems from cultural history of a rich man unfairly protecting his assets, even though legal history traces “the marriage agreement” as a women’s property rights protection upon marriage. As society has progressed, prenups are now centered around the notion of parties negotiating a mutual benefit during the marriage as well as potentially after its dissolution.
People also carry the misconception that a prenup is only meant for the wealthy or those who “have something to lose.” To the contrary, those with fewer assets are even more inclined to obtain a prenup to protect those initial assets as well as to the future development and growth of wealth and property interests. Also, those with fewer assets may be more inclined to take financial risks that can protect the other spouse during a marriage.
Prenups today allow for all parties involved to safely negotiate and protect their assets, property interests, and themselves. And should things come to an end and in the event of a divorce terminating the marriage, a prenup may set the guidelines of defining separate property and for debt and asset distribution of marital interests. But, not as widely known, these agreements may also set guidelines for roles and responsibilities of each partner throughout their marriage.
Customize your Marriage
The terms of a prenup are customizable to the parties involved, allowing for both spouses to feel like they have protected and explicitly stated what is most important to them. Who better to negotiate the terms than those who must abide by them during a time of love, commitment, and understanding. The conversations that are derived from these negotiations typically allow for partners to either get much closer after realizing what their partner values most, or save themselves the time and cost of divorce after discovering that they may not be the best fit after all.
These agreements are not required to be entered into by a couple to obtain a marriage license. But, in the event of the marriage’s dissolution, the government essentially has a prenup in place that it will impose on both parties, whether they are fans of the judicial system’s decisions or not. This puts an emphasis on how advantageous customizing your own agreement really is.
Requirements to Validly Enter into a Prenup
Requirements for a valid prenup are just some of the protections the law has put in place to protect parties from being taken advantage of in such a potentially vulnerable time. To be enforceable, those requirements include having the parties be competent and in no way unduly pressured to sign the prenuptial agreement, whether it be from a partner or outside factor. A common example of a coercive factor would be the “surprise” of a prenup just before walking down the aisle at the alter or the threat that “the wedding is off!”
To ensure there is no misrepresentation or deceit, there is requirement of full disclosure of debts and assets by both parties. This allows for a person to better understand the financial status of the person they will be marrying and for both parties to understand the new financial relationship they are creating together in marriage.
An additional counter for any deceit is that both parties have their own legal counsel while negotiating their prenup. Although not required, legal counsel for both parties is oftentimes strongly suggested to ensure mutual benefit, fairness, and enforceability.
Speak with a Professional
Again, parties can never go wrong by speaking with legal counsel prior to their wedding. The earlier you involve an attorney the better. Allow yourselves ample time to educate, negotiate and adapt prior to the signing of the agreement and the big day! Speaking with a legal professional may also open your eyes to potential risks and liabilities you were unaware of, that come along with joining in marriage with a spouse.
Involving an attorney in negotiating a prenuptial agreement is much cheaper financially and emotionally than involving one in divorce proceedings void of a prenup.
If you, or anybody you care about, is in contemplation of marriage, they should get in contact with an experienced and well-versed family law attorney to discuss a prenup.
If you or somebody you know wants to learn more about a prenuptial agreement or premarital agreement, our team at Modern Legal is here to help.
Please note: these educational materials are based on North Carolina law where my legal practice is based. While the insights may have wide applicability, readers should consult with an attorney regarding the specific laws in their state or country.
Jordan Wideman is a compassionate family law attorney at Modern Legal, driven by a lifelong passion for helping others. Coming from a family rooted in public service, Jordan brings empathy, strength, and dedication to every client. A proud first-generation attorney, Jordan uses personal experience and deep community ties to guide families through their most important challenges—because to Jordan, family is defined by love, not just blood.
