Important Prenup Questions to Ask Your Future Spouse
Prenuptial agreements have a bad rap, but they provide several benefits. Couples preparing for marriage should absolutely have a prenup can help you bruild a strong foundation for your marriage and they’re an invaluable resource. Before we jump into the important questions to ask your future spouse when drafting a prenup, we want to debunk a common misconception. A prenuptial agreement does not mean that you expect your marriage to end. No reasonable person enters into a marriage with the intent of having to divide all of their marital assets and arrange for custody of their children as a result of a divorce. Prenuptial agreements are a way for you to get on the same page with your soon-to-be spouse and prevent the problems before they occur. So, here are seven questions to ask your future spouse when drafting a prenuptial agreement:
1: How will you handle premarital debts and assets?
Believe it or not, without certain designations in a prenuptial agreement, you may become responsible for debts from your spouse that existed prior to your marriage. Alternatively, your future spouse may become responsible for some of your premarital debts. It is important that you are open and transparent with your partner about financial obligations each of you face, and how you can realistically help one another address these obligations.
As Westchester divorce attorneys, we frequently see relationships that have broken down. A common complaint among spouses ready for a divorce is the financial responsibility they have taken on in helping their partner with their debts. Addressing these questions in a prenup can actually help you avoid these common reasons for a breakdown in a marriage.
During your drafting, we will discuss you and your partner’s property debts and financial obligations. You should discuss ownership and responsibility of vehicles, debts, and properties, with the goal of getting financially naked.
2: How will you handle debts and assets amassed during your marriage?
We’ve discussed debts and assets that exist prior to a marriage, but even more importantly is understanding your expectations for debts and assets acquired during your marriage. It is virtually a guarantee that you will acquire further assets and liabilities following your marriage. You may take out a mortgage if you buy a house; You will likely need to purchase new cars; You may even purchase valuable jewelry and art. How you will handle these debts and assets that are a natural part of married life can be addressed in your prenup, helping to avoid future conflicts.
3: How will you treat family property?
It is common for people to receive inheritances following the passing of relatives. If you know that your family is leaving you particular properties, valuable assets, or large sums of money, a prenuptial agreement can help you.
In drafting your prenup, you can keep these assets on your side of the family and prevent the family heirlooms and property from becoming joint property. This can be particularly important if you come from a large family, where you and your siblings will be sharing family properties and assets passed to you by relatives.
4: How will your marriage affect children from a previous marriage?
Are you getting remarried? Do you have children from a prior relationship? A prenuptial agreement can address inheritance rights to ensure their protection in the event of your death.
5: What are your marital responsibilities?
While you prenups are restricted to not include any non-financial provisions about your life as a married coupe, you can include a division of financial responsibilities. Decide who will pay bills and how you will obtain future credit. These are sensitive financial decisions that are important to make while you’re happy.
6: What are your expectations for work?
Do you have a plan to stay home if you have children? What if your job transfers you to a new location? Your prenuptial agreement can clearly define income and job expectations, as well as the associated responsibilities.
Job transfers can sometimes involve relocation. We have seen that this is another highly sensitive topic for married couples. Understanding what you and your spouse expect when it comes to your job can help to mitigate future conflicts in the event of job transfer, leave, and even retirement.
7: What are your financial expectations?
As we have discussed at length in this and other blogs, financial issues are a major contributor to many failed marriages. A prenup can outline you and your partner’s saving strategies, financial goals, and what your actual attitudes really are about money. Again, getting financially naked with one another is the best way to ensure open and honest conversations, which can lead to smoother conversations about financial matters in the future of your marriage.
How Are Prenuptial Agreements Drafted?
Prenuptial agreements are essentially a legal contract between you and your future spouse. Since they cover your financial expectations, obligations, and assets, in depth, there is extensive financial disclosure that is necessary. Our office uses a specialized program to develop a Net Worth Statement that outlines all of you and your spouse’s financial obligations and assets. Our legal team will review your financial data, which can include, but is not limited to, any car leases or car loans, mortgages, deeds to properties, financial statements of your bank and investment accounts, pension statements, and credit card statements. This will help you and your partner understand exactly what your assets are worth, and what your financial obligations are. We like to call this getting “financially naked”.
You have likely shared virtually every other part of your life with your spouse-to-be, so why not share your financial information? During your marriage, you are going to want to be sure you have financial stability, so understanding how you and your partner view saving and spending money is critical to ensure limited conflict down the road. If you are constantly going out to dinners and shows with your partner, don’t you want to be sure that they are being paid-off, and not just added to a pile of unmanageable debt? The financial disclosure involved in creating your prenuptial agreement will provide you and your partner with peace of mind in knowing where you both stand financially, and what your expectations are moving forward.
Once you have your financial picture drafted, you will need to consider what you want to include in your prenup, and what you don’t want to include. Having experienced legal counsel is incredibly helpful in these deliberations. During a touch-base with your attorney, you can explore what different options you have in protecting your assets, designating what can be marital property vs. individual property, and what you can and cannot include in your prenup.
Once you have your initial draft, your partner will need to review the terms to ensure they agree with your terms. Remember, pillow-talk is great to help brainstorm ideas, but you should never take it as fact until you have seen the terms discussed in writing. Your partner will not necessarily require legal counsel, however, it is always a good idea to have a second set of experienced eyes to review a prenuptial agreement. After all, financial information is some of the most sensitive and personal information about you, so wouldn’t you want a lawyer experienced in prenuptial agreements to make sure you and your interests are protected for your marriage-to-be?
Is a Prenup Always Enforceable?
There are certain situations where a prenup may not be enforceable. It is important that you and your partner understand what can cause a prenup to be voided or stricken down, rendering it unenforceable in the event of a divorce or death.
If the prenuptial agreement was signed before both parties were the age of 18, the document will not hold with the Courts if/when it is attempted enforce the terms of the prenup. If your prenup is not signed before the wedding, then the document would have to be accurately revised to reflect that it is a postnuptial agreement. A prenup signed after a wedding is not enforceable.
When challenging a prenup, the argument of duress, coercion, or mental incapacity may be made. If you have a “gunshot prenup” or a prenup that was signed immediately leading up to your wedding, the prenup may not be enforceable if one side makes a compelling argument that the document was signed under duress or coercion. These arguments typically allege that the prenup was drafted so close to the wedding that both parties had no choice but to sign, in order to have the document completed prior to the wedding ceremony. Similarly, if one of the spouses has a diagnosed or clear mental incapacity that limits their ability to act or make decision on their own accord, this can be used as an argument to nullify a prenup. These arguments typically allege that the spouse with the alleged mental incapacity was not in sound mind to make the binding decisions a legal contract, such as a prenup, make.
It is important that you meet with a dedicated divorce and family law attorney leading up to your wedding. Our Westchester County attorneys are matrimonial law experts. We can help you understand the good timeline for your prenuptial agreement’s execution, as well as a well-crafted written agreement that will be enforceable, should you ever need it.
Talk to Us to Ensure You Are as Protected as Possible
If you are planning to get married, congratulations! We firmly believe that a prenuptial agreement should be a part of every wedding plan. To get started on crafting your prenup, contact us today. Our attorneys have decades of experience fighting to protect our clients’ best interests. Our team is very familiar with New York Divorce and Family Law, particularly in situations where there is a lot at stake. We protect your interests to make sure that you can thrive. Schedule your consultation by clicking on the link at the top of the screen, or call us at (914) 615 9058. Our mission is to protect what’s most important you.
More Legal Blogs
Couple’s therapy can be a powerful tool to identify what the best next steps are for you and your partner. Read more here.
What is an order of protection? What do you do if you are served with an Order of Protection? Read more here.
It is important you understand the nuances child custody agreements can cause during a move after a divorce. Read more here.
These exciting new methods of growing your family come with legal implications. Read more here.
What is this commonly heard legal term mean and does it apply to you? Read more here to find out.
What does it take to win a child custody modification case? Read more here to find out.
You often hear people saying you need their consent to record them. But, is this true? Often times, these recordings can provide valuable evidence to your case. Read more here to find out.
Hiding assets during a divorce is never a good move. What happens when one spouse attempts to conceal their assets? Read more here to find out.
Does New York have a Romeo and Juliet Law? What are the penalties associated with minor sexual relations? Read more here to find out.
