Deep Dive
Why should couples consider a prenup?
A prenup allows couples to decide financial matters themselves rather than relying on state laws, which can vary. It also ensures both parties are protected, especially in cases involving property, businesses, or future children.
Who should consider getting a prenup?
Everyone, especially those with property, retirement accounts, aspirations to own a business, or plans to have children. It’s about understanding legal obligations and protecting both parties.
What are some key topics a prenup can address?
Prenups can cover joint vs. separate bank accounts, student loan payments, asset distribution in case of divorce, and financial rights for stay-at-home parents.
Why is it important to discuss a prenup early in the engagement?
Discussing a prenup early prevents financial pressures from wedding planning from influencing decisions. It’s recommended to start the conversation at least six months before the wedding.
What are some things that cannot be included in a prenup?
Prenups cannot include provisions against public policy or negatively impact children, such as automatic child custody or fixed child support amounts.
How much do prenups typically cost?
Costs vary based on local attorney rates and complexity. Hourly rates can range from $175 to $500, with flat fees potentially reaching over $1,000 for simpler cases.
Do prenups save money in the event of a divorce?
Yes, in most cases, prenups simplify asset and debt distribution, reducing legal costs during divorce proceedings.
Why is it recommended for each partner to have their own lawyer for a prenup?
Each partner should have independent legal representation to ensure they fully understand their rights and the legally binding nature of the prenup.
How can couples approach the conversation about a prenup without causing tension?
Frame the discussion as a way to protect each other and ensure financial security, similar to how insurance policies protect against unforeseen events without anticipating disaster.
What are the benefits of having a prenup for couples with children?
Prenups can address financial rights for stay-at-home parents, ensuring both parties are protected if one partner steps back from their career to care for children.
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