By now, most people know the word “Pre-Nup” — the slang for Pre-Nuptial Agreement. But most people still think only "rich people" need to have one. But that's not necessarily true. These agreements may also be referred to as premarital agreements or antenuptial agreements. A prenuptial agreement is entered into by prospective spouses before their marriage, in order to make provisions which will govern certain actions during their marriage and upon the termination of their marriage, whether such termination is by death or by divorce.
Most individuals don’t take the time to get any type of agreement prepared before marriage. However, a premarital agreement is a way for both parties to protect their financial interests and even their respective obligations, before they say their vows. One reason couples want a premarital agreement is because they have accumulated significant assets either individually or with someone else that they wish to preserve or protect. Another reason might be that they have particular obligations to another person, maybe a child or an aging parent, and they want to be sure that person’s care is not jeopardized by this marriage. Persons who are getting married for a second time and who have children from a first marriage often want to be sure that their own assets go to their children upon a death or divorce, rather than to the new spouse or to the new spouse's children to the detriment of their own. Whatever your reason for having such an agreement, our legal team can help you prepare the agreement that works for you, your spouse, and your marriage.
A prenuptial agreement can provide a plan for the distribution of assets and liabilities upon divorce, or upon one party’s death. It can also provide for, or waive, support such as various forms of alimony. A well thought-out and well written prenuptial agreement can remove the stress and strain from what should otherwise be one of the happiest times in a couple's new life together, as well as from what might be their worst time.
Usually, one party’s attorney will prepare a proposed agreement that is then reviewed by the other party and his or her attorney. Often, negotiations between the two parties will fine tune the first draft of the agreement. It is vital that both parties provide a frank disclosure of their own assets and income before the agreement is finalized. It is also important that the agreement be executed well in advance of the actual wedding date; otherwise, the agreement may be subject to attack on grounds of stress, overreaching, threats (to not go through with the wedding) and so on. Also, an agreement prepared in a big rush at the last minute may well leave out important provisions, or end up being confusing or not actually saying what the parties want it to say. So, it’s by far best to start thinking about such an agreement well ahead of the wedding date, get it handled, and then get on with the wedding plans!
Our fees for prenuptial agreements vary according to the complexity of the agreement, the overall net worth of the parties, and the amount of lead time (before the wedding date) allowed. At our first consultation with our clients, we can generally set a fee based upon the initial information provided at that time.