Whether you’ve been married before or have simply heard about it in the media, a prenup seems to be a pretty controversial topic of discussion. In most recent news, it was reported that Justin Bieber and Hailey Baldwin got married without a prenuptial agreement. When this news broke, the internet nearly exploded! Everyone with an opinion spoke about how foolish it was for Bieber to forgo the protection of a prenup. Now, this begs the question: what exactly is a prenup and why do I need one if Bieber decided against it? Finish reading this blog to learn the complete breakdown of what a prenuptial agreement is!
A prenuptial agreement is a contracted agreement that both people who are getting married will sign. Within the agreement, the breakdown of important assets within the marriage are delegated in the event of a divorce or death. Every state has specific laws as to what can be put into the prenup and what is left out, however the degree of distribution is always circumstantial and will vary from couple to couple. No two prenup contracts are the same.
Everybody has a different idea of what is “fair” in life. When it comes to finances and important assets within a marriage, fairness is taken to a whole new level. Many different aspects of the marriage are taken into consideration when deciding how to delegate everything. The assets you brought to the relationship before marriage are documented, along with the potential to inherit different assets down the line.
One of the most important parts of a prenup is full disclosure at the beginning of the marriage. Both people must come forward and disclose all the assets that they have before the marriage is final. Within the contract, those assets are protected. If you had a successful business in your name leading up to the marriage, in the event of a divorce, your spouse would have no rights or claim to the business revenue. Assets that are documented to be inherited at a later date from a family member should be included in a prenup as precaution. Imagine your father or mother had a successful business that was to be passed down to you; should you divorce, a prenup with disclosure on the future inheritance of this business will protect you from having to worry about your spouse seeking anything from the matter.
Most prenup agreements will cover the topic of alimony. More times than not, alimony is only brought up in the agreement if it’s being waived. At the end of a marriage, without the mention of alimony in the prenup, either person could attempt to receive alimony from the other. However, this is to be determined by a judge at a later date. If waiving the right to seek alimony is agreed upon by both people, it can be a great precaution down the line.
When it comes to divorce, many people immediately think of their children. The struggle to fight for custody can be relentless and stressful. Many will look into prenup agreements to see if they can put into motion the agreement of what will happen to the children in case of divorce. Unfortunately, prenuptial agreements aren’t allowed to include the topic of children. All situations involving children must be directly handled in court by a judge. No prewritten agreement will ever be able to say otherwise.
Prenups are a heavily discusses topic in the media. This type of agreement is a great way to stay protected should the marriage end on less than happy terms. Both parties are fairly considered and it is decided what the fairest way to divide everything is. If you’re interested in learning more about prenuptial agreements before you say “I do,” check out our website and give us a call today!