You’re Engaged! What’s Next?

“I don’t need a prenup . . . .”  “If I ask, that is just going to stir the pot, we’re not getting a prenup . . . .”  These are just a couple of sayings people will have before heading into what is, quite frankly, one of the most significant and most important decisions in their lives.  At work, you make sure you are prepared.  If you had a school project, you made sure you were prepared.  However, now you make the biggest personal decision of your life, and you do not want to go in prepared?  Get the prenup.

What is a prenup?

First, what is a prenup?  Prenup is the abbreviated term for a prenuptial agreement.  In other words, it is the legally binding document that speaks to how a couple is to divide their assets and liabilities.  They are extremely important for individual financial planning and to ensure one is protected in case of separation or divorce.  Not just that, though, prenups are able to assist couples in debt planning, business planning, and more . . . it is not just a document used in the case of divorce.

When is the appropriate time?

Now, you are not going to “pop the question” and then follow it up with paperwork, so when is the appropriate time?  One year to six months before the wedding is the absolute minimum recommended.  The reason for this is obtaining legal counsel, drafting the agreement, negotiating the agreement, and, in some states, waiting between being presented with the agreement and signing it.  All of this requires a lot of time and attention, and, in turn, should not be done at the last minute.   

What is it going to cover? 

As stated, you are not just completing a “what happens if we get divorced” document; it covers much more.  You, by getting a prenup, are financially planning.  You can protect your hard-earned assets, or protect yourself and your credit from your partner’s debts.  Additionally, you can set up how you are going to manage finances during your marriage, protecting yourself and your partner from future financial uncertainty.  You do not just have your own financial well-being to worry about, but also your children’s.  If you are entering into a marriage with children, you are able to protect their inheritance and their financial well-being.  Lastly, as stated, you can also protect any business interest that you may personally hold and have worked to maintain.  It is not just the aforementioned, though; the prenup is a multifaceted tool with your best interest in mind, and the best way to ensure you are prepared for your marriage.

So, after you “pop the question” contact a member of Obermayer’s family law team to help you draft your prenup and make sure you are prepared to take your next steps!

The information contained in this publication should not be construed as legal advice, is not a substitute for legal counsel, and should not be relied on as such. For legal advice or answers to specific questions, please contact one of our attorneys.