A premarital agreement is a contract entered into by spouses before marriage. It helps to define the rights and duties and how assets and debts are considered and divided both during the marriage and in divorce or in death. A modern prenup is different than a traditional prenup. Couples work together in creating their modern prenup to have something that is customized in unique for them in order to define and establish the rules for their future marriage.
How can a premarital agreement be a secret to a stronger, happier marriage?
A premarital agreement can often be the secret to a stronger, happier marriage. Couples work together and talk about hard issues before they get married. They talk about their finances. They talk about their independent estates and what they want to form together. Having a modern prenup encourages couples to sit down and talk and think about what their future looks like together financially before they actually enter into marriage.
There are a lot of misconceptions about premarital agreements. Many couples come to me thinking that prenups are only for high-wealth clients or individuals with tremendous assets. In reality, premarital agreements are very important for almost anyone, especially when we’re working with couples who have worked a long time to establish their own success in their own estates. Couples who come to us with children from prior marriages or relationships, or family businesses or trusts that need to be understood and explained before entering into a marriage agreement.
How long before marriage should someone consider a premarital agreement?
Start thinking about this as far in advance of their marriages as possible. The more time that two people have to be able to talk about envisioning and creating their future contract and relationship, the easier and more enjoyable the process will be. I also think that it’s very important for couples entering into a prenup to be willing to talk openly and honestly about their expectations, their estates, their concerns, and about their visions of the future with their future spouse so that they can create something that is unique and individualized for them.
If you have questions about modern premarital agreements, please call Aimee Pingenot Key at 214-373-7676.
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