Top 20 Most Frequently Asked Questions About Prenups

Top 20 Most Frequently Asked Questions About Prenups

You have questions? We have answers. Let’s talk about some of your burning questions surrounding our favorite topic: prenuptial agreements (or prenups for short).

What is a prenuptial agreement?

Starting with the basics. A prenuptial agreement is frequently called a prenup for short. It’s a contract that two people sign prior to getting married. This contract details what happens to the couple’s assets in the event of a divorce, and sometimes death. It can include property division, alimony, debt allocation, confidentiality, insurance, pet custody, mediation, and more.

What many people fail to understand is that a prenup is actually an emotional document as much as it is a legal one. When creating your prenup, you must align with your partner on many different aspects of your future life together, and to do this you need in-depth communication. We call this super in-depth communication, “future planning.” Through good communication you two can plan out your life together and set expectations and plans. Doing this may sound like a drag, but trust us, it leads to happier and healthier marriages. In fact, according to a HelloPrenup

How does a prenup work?

You and your partner must agree to all the terms in the prenup. Once you do, you can finalize and sign it. You can store the prenup in a safe place for many years and hopefully you’ll never need to use it. If you do get a divorce and need to use it, you two must abide by the terms that you previously agreed on. If one of you disagrees with the terms in the prenup, then they have to file a claim with the court. A court may or may not agree with this person, depending on the situation. Keep in mind, contesting a prenup is not a simple lift–it involves lots of attorneys fees and time. The cheaper and faster option is to abide by the terms of the agreement.

HelloPrenup is an online prenup platform designed to simplify the process of creating prenuptial agreements. The idea behind HelloPrenup is to make the process more accessible, straightforward, and affordable compared to traditional methods.

  1. Sign Up and Start the Process: You can create an account on the HelloPrenup platform and begin the process of answering a series of questions as pertains to what you would like to include in the prenuptial agreement.
  2. Answer Questions: The platform walks you and your boo through a series of questions designed to identify assets, liabilities, and other financial considerations, as well as how you want to address these assets or accounts in the event of a divorce or separation.
  3. Review & Negotiation: Once you have each answered your questionnaires, both you and your partner can view any discrepancies and adjust accordingly.
  4. Legal Counsel: It’s worth noting that HelloPrenup has simplified the process of creating a prenuptial agreement, and also offers access to licensed attorneys in your state, at exclusive discounted rates, who can assist with legal advice, revisions, or representation, should you want them.
  5. Finalize & Sign: Once you and your partner are satisfied with the prenuptial agreement, you can finalize and sign it. Notarization is an important last step in the prenup process.

A few things to keep in mind:

Why should I get a prenup?

Just as you prepare for unexpected events in other aspects of your life, it’s prudent to prepare for unforeseen circumstances in marital relationships. Consider the reasons we safeguard against uncertainties: car insurance isn’t acquired with the expectation of an accident, but rather to provide peace of mind and financial security if an accident occurs. Similarly, health insurance is not an indication of anticipated illness, but a safeguard against unforeseen medical expenses.

A prenuptial agreement, commonly known as a “prenup,” operates on a similar principle. It is not a sign of mistrust or an expectation of marital failure. Instead, it’s a proactive measure to clarify the financial rights and responsibilities of each party in the event of a divorce. Divorces, though not desired, can be complicated, and emotions can run high. By having a prenup in place, couples can potentially reduce conflicts, streamline the divorce process, and protect individual assets or interests.

A prenup can be especially valuable in cases where one or both parties enter the marriage with significant assets, debts, or children from previous relationships, or a closely held business, stock options, etc. It offers a clear roadmap of how assets should be distributed and can ensure that pre-existing family commitments, like child support or inheritance, are honored without dispute.

In essence, while love and trust form the foundation of any marriage, a prenup is a tool that provides clarity and protection. It’s about being prepared and ensuring that both partners have a clear understanding of their financial standing, should the unexpected occur. Like other forms of insurance, it’s better to have it and not need it than need it and not have it.

Is a prenup necessary?

While it’s true that within the U.S., you don’t have to get a prenup prior to marriage, it’s important to recognize that in the absence of one, state laws will determine the distribution of assets and debts upon divorce– and you may not like the result.

Each state has its own distinct set of rules governing division of assets in a divorce, commonly referred to as divorce laws. These laws, in effect, serve as a “default” prenuptial agreement. For instance, states might be classified as ‘community property’ or ‘equitable distribution’ states. In community property states, all assets acquired during the marriage are generally considered joint property and divided equally upon divorce. In contrast, equitable distribution states divide assets based on various factors to ensure fairness, but not necessarily on a 50/50 basis.

It’s essential to understand that these default laws might not always align with a couple’s individual wishes or unique circumstances. Couples who bring significant personal assets or debts into a marriage, those who have children from previous relationships, or even those with specific views on financial responsibility, may find the default laws unsuitable or inequitable.

Crafting a customized prenup allows couples to preemptively navigate potential areas of contention and establish clear, mutually agreed-upon guidelines for asset and debt division. Additionally, prenups can address matters such as spousal support, inheritance rights, and the financial ramifications of specific future events.

In conclusion, while a prenup isn’t a prerequisite for marriage, it’s a strategic tool that empowers couples to shape their financial narrative rather than leaving it to state-imposed defaults. Couples should evaluate their circumstances, assets, debts, and personal preferences to determine if customizing their own “prenup story” is the right path for them.

When should I get a prenup?

You should get a prenup well before your wedding day, not the day before. HelloPrenup recommends getting the prenup process started three to six months prior to your wedding. Each state has different laws, but in some states, getting a prenup too close to the wedding day could get your prenup thrown out if it’s ever challenged in court.

For example, in California, you cannot get a prenup within seven calendar days of your wedding because of the 7-day rule . This rule says there must be a buffer of seven calendar days between the finalization of the prenup and the signing of the prenup.

How do I bring up the topic of a prenup with my partner?

Better early than “I’m Sorry!” Between sampling cakes and practicing that first dance, don’t forget to pencil in “Draft a Prenup.” HelloPrenup suggests initiating this romantic paperwork about three to six months before you say “I do.” Think of it like the equivalent of breaking in those new wedding shoes – you wouldn’t want any uncomfortable surprises on the big day!

Navigating through legal documents isn’t quite the fairy tale, but doing it well in advance keeps those courtroom dragons at bay. Fun fact: In sun-soaked California, there’s a 7-day rule that’s not about waiting to text back after a date. Instead, it mandates a gap of seven calendar days between finalizing and signing a prenup. This ensures that both parties have the time to contemplate, “In the event of a dragon attack, who gets the castle?”

Remember, just as you wouldn’t want Aunt Gertrude seated next to your karaoke-loving college roommate, you don’t want to rush your prenup. Give it the time and levity it deserves, and then head back to those cake tastings! Don’t forget to address their issue with a prenup. If they don’t like the idea of it, ask why? Is it because they think it’s a sign of failure, maybe they think prenups are only one-sided . Whatever it is–-address it head on.

What can be included in a prenup?

There are many clauses that can be included in a prenup. Here are some of the most common ones: