It has become more common for people to consider signing a prenuptial agreement, or prenup, prior to getting married. These agreements are sometimes thought to only be for “the rich”, but they can save anybody a lot of time and stress later on.
What is a Prenuptial Agreement?
A prenuptial agreement is a contract that engaged couples will sign to specifically lay out what each spouse owns. This includes not only all of their assets and debts but also a layout of how their property will be divided if they get divorced.
The agreement can also include provisional information about children brought into the marriage by one or both of the spouses along with what is expected of each spouse during the marriage. It may also cover other issues like child support, alimony or if the couple will file joint or individual tax returns during the marriage.
What Does a Prenup Do?
A prenup is primarily a precaution for divorce. It can help avoid arguments over equitable distribution of assets and property and potentially avoid a significant amount of hassle later on. It can also help to plan for certain issues like inheritance, especially if one or both spouses have children from outside the marriage who have not been adopted by their partner.
Do I Need a Prenup?
Many assume prenups are only for celebrities or wealthy individuals, but they are a valuable asset used to protect yourself in the event happily ever after isn’t in your cards. However, prenups are strongly 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 any children from previous relationships
- Spouses are business partners
Why is a Prenup Important?
No one expects their marriage to end in divorce, but it still helps to plan. Researchers estimate that about 41 percent of all first marriages end in divorce. Couples without a prenup often face endless frustration and non-stop arguing about who gets what. A prenup reduces the uncertainty, replacing it with safeguards instead. At the end of the day, a prenup is meant to benefit both spouses by allowing them to come to a mutual agreement to ensure everyone’s needs are met.
What Happens if You Do Not Have a Prenup?
If a divorce happens without a prenup, the negotiation period will begin. All aspects of property distribution will need to be negotiated by the couple. By signing a prenup, this typically long and heated process can be reduced. People tend to be more reasonable and calm during the prenuptial process since the conditions are prematurely agreed upon.
Should You Get a Prenup?
For most couples looking to get married, a prenuptial agreement should be considered. A prenuptial agreement is a potentially useful document that can save an extraordinary amount of time and money later on.
If you need assistance deciding if a prenuptial agreement is best for your situation, contact Alan Plevy at abplevy@smolenplevy.com or Kyung (Kathryn) Dickerson at kndickerson@smolenplevy.com.
About the Authors
Alan Plevy
Alan Plevy is a recognized force in family law, mediation and litigation, with more than 40 years as one of the most experienced divorce lawyers in Virginia. Mr. Plevy is known for being a tenacious litigator and negotiator who is zealously devoted to his clients. A top legal publication, Virginia Lawyer Weekly, noted Mr. Plevy’s impact on the law when it named two cases he litigated among its Top Five Landmark Family Law Cases in Virginia. Those two cases, which date back to the 1980s, are still regularly cited by attorneys and courts.
Kyung (Kathryn) Dickerson
Kyung (Kathryn) Dickerson is a principal at SmolenPlevy in Vienna, Virginia. She is a graduate of the University of Virginia and George Mason University School of Law, where she served on the Board of Editors for the Journal of International Legal Studies. Ms. Dickerson is also presently General Counsel for the Asian Pacific American Bar Association of Virginia and has served as President of the organization and on its Board of Directors. She has also served on the Board of Directors of the Virginia Women Attorneys Association and served as its President. She has served on numerous committees of the Fairfax Bar Association and as President of its Young Lawyers Section and as Co-Chair of the Revenue Development Committee.
