What is a Prenup

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.
Because state laws are constantly changing and evolving, many couples enjoy the security of agreeing to express goals in a prenuptial agreement (rather than guessing how future laws may affect their marital rights). Subject to certain state law limitations, prenups may be as novel and complex as you and your spouse desire. For instance, your agreement may:

•    Terminate after a predetermined period of time (such as after five years of marriage).
•    Determine who will keep the primary residence, vacation homes, etc.
•    Determine how prior debt of the parties will be allocated.
•    Decide the future of your assets in the event of death, separation, divorce and/or the occurrence of certain event (such as alcohol consumption by a party).
•    Determine the religious upbringing of your children.
•    Make decisions for pets (yes, pets), heirlooms, frequent flier miles, etc.

Although a prenup must be fair and reasonable, you and your spouse have tremendous flexibility in determining the goals and subject matter of the agreement. Our attorneys at Red Leaf Law can draft a customized agreement that covers you and your spouse’s unique objectives. Contact us today for a free initial consultation and we’ll simply the prenup process for you.

Who gets Prenuptial Agreements

Prenuptial agreements have been around for thousands of years. Royal families in European and Far-Eastern cultures commonly used prenuptial agreements to protect their wealth. Today, however, prenups are commonplace and are not intended for only the wealthy. If any of the following categories applies to you or your spouse, you should consider getting a prenuptial agreement:

•    You have children or grandchildren from a previous marriage.
•    You own all or part of a business.
•    You expect to receive an inheritance.
•    You have prior debt.
•    One of you own significant assets or property (such as a home).
•    One of you intends to continue your education.
•     You see a potentially large income increase do you your business efforts (such as writing a book, inventing a product, graduating from medical school, etc.).
•    You have high health care expenses, or you are providing for loved ones with high health care expenses (such as you parents).

If you are still wondering who gets prenuptial agreements, remember that prenups can be drafted as novel and complex as the parties desire. Prenuptial agreements can address the most basic areas of married life i.e., checking accounts and pre-existing debt. Lack of communication is the number one reason for divorce, so couples of all income ranges should at least discuss the topics associated with long-term finances and goals.