Frequently Asked Questions

What is a prenuptial agreement?

The Uniform Premarital Agreement Act defines a prenup as “an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage.” Basically, a prenup is a contract between two individuals, allowing them to plan for their financial future together. A prenup is drafted and signed by both spouses prior to their marriage, and upon marriage the agreement becomes enforceable.

What are the benefits of a prenuptial agreement?

Getting a prenuptial agreement allows couples to take control of their marital goals and can be an extremely useful estate planning tool. In addition, drafting a prenuptial agreement can stimulate invaluable conversation among couples that helps them identify long-term goals. A few major benefits of a prenup is that they:

•    Allow you to define what property is considered marital or community property.
•    Support your estate plan.
•    Decide for the future of your assets.
•    Reduce conflicts and save expenses if you divorce.
•    Establish procedures for deciding future matters (such as how to pay for your loved ones’ retirement home costs).
•    Clarify special agreements between you and your spouse (such as paying for your spouse’s graduate school tuition).

Aren’t prenuptial agreements only a mechanism to protect the wealthy spouse’s assets?

Although it is true that prenups can prevent one spouse from acquiring the other spouse’s assets, a prenup must be “fair and reasonable” to be enforceable. Any attempt to structure an agreement as one-sided will likely send one spouse running to the hills, and if not, will likely be deemed null and void by a judge at the time of enforcement. At the end of day, both parties must sign the prenup—and in some cases retain separate legal counsel to review the agreement—for it to be valid and enforceable. If the prenup is one-sided then the compromised spouse has the right to refuse to sign it or modify it until an accord can be reached.