Certain parts of life tend to be stickier than others. To sign or not sign a prenuptial agreement is one of those parts. Who hasn’t seen news of the wealthy entangled in court battles when there was no prenuptial agreement? Gossip pages often depict who’s divorcing who and the money they are fighting over. It can get ugly.
According to New York State attorney Jennese Torres, of the firm Torres And Urbaez, “Prenups are agreements that are usually held up in court, barring extreme cases of coercion and unconscionability.” Ms. Torres also stated that: “Prenups makes division of assets easier because it delineates what assets are marital property and what financial responsibility will be born by the parties. There are laws that specify this. But these laws are sometimes fact sensitive and may require lengthy court action. Prenups can curtail this process.”
Prenups are not romantic. However, marriage is basically a contract. A merger of two entities. Most of these merges are small, some are bigger. Regardless of size, they all deserve protection. Usually people don’t think twice about getting home or life insurance. A prenup is marriage insurance. Like life insurance, hopefully you don’t need it but it’s there if you do.
Sometime between engagement and wedding day, finances should be discussed by the happy couple. Talking about cake flavors and the honeymoon may be more fun but the “money talk” shouldn’t be avoided. If the relationship has had good communication, money may have already been discussed. Speaking about a prenup would be the next step.
Deciding which terms to include in the document is individual to each couple. Most of it will be about assets and debt but other aspects of the union can be covered. Ms. Torres stresses that “It’s best to speak to an attorney about your specific situation and facts. Don’t speculate about your rights. Get to know what your rights are if you want a prenup or if you are asked to sign one. Speak to a lawyer before you sign.”
As a professional and middle-aged female with a child, I wouldn’t hesitate to have a prenup. Being prepared in case of necessity is important to me. My child’s future should be secured, as well as my retirement funds. More than likely, a future partner of mine has the same concerns. Caring about each other should extend to our children and our future.