Love is in the air! Protect it with a prenup.
Have you noticed the endless engagement posts flooding your Facebook feed? Jewelers and family law attorneys alike certainly have. In 2024, Signet, owner of Zales, Jared, Kay Jewelers, Blue Nile and Diamond Direct, expects engagements to reach 2.4 million, an astounding bounce back from the comparatively loveless COVID years.
But with these public declarations of love comes the need to combine and split assets. Alan Plevy, partner at SmolenPlevy Law Firm in Vienna, Virginia, offers young lovers the inside scoop on the most romantic accessory of the season: a prenup.
What is a prenup?
A prenup, legally referred to as a prenuptial agreement, is the written contract both soon-to-be spouses sign before they are legally married. A prenup details how they will divide their marital assets if they get a divorce. It can also address what assets remain separately owned by each spouse and what happens to the appreciation in value of their separate assets. “A prenup may also cover other issues like child support, alimony or if the couple will file joint or individual tax returns during the marriage,” explains Plevy.
Why do I need a prenup?
Many people assume prenups are only for celebrities or wealthy individuals, but that’s an inaccurate stereotype. A prenup is actually a valuable legal tool used to protect the rights and property of each spouse in the event happily ever after isn’t in their cards. Prenups are especially encouraged in the following circumstances:
- One spouse has a significantly higher income.
- One spouse has significantly more assets.
- One or both spouses are in extreme debt.
- One or both spouses have children from previous relationships.
- Spouses are business partners.
Here are tips to having a successful prenup conversation:
- Have the conversations well before the big day.
- Both sides must participate in creating the prenuptial agreement.
- Honesty is the best policy.
- Consult an experienced family law attorney who has negotiated many prenups in his or her career.
How Can I Start?
If you have questions about your circumstances, or have questions about support, custody, real estate, retirement or other issues, expert legal counsel can help. Contact Kathryn Dickerson (kndickerson@smolenplevy.com) or Alan Plevy (abplevy@smolenplevy.com) to get started.
