When people hear “prenup,” they often think “divorce.” And while soon-to-be-newlyweds may not want to think about getting a prenup as their wedding day approaches, the agreement can provide financial protection in the long run.
So what are the benefits of getting a prenup? Family law attorney Rebecca Wade weighs in saying, “A prenup allows you to go into the marriage with set parameters for what will happen to the money that’s earned during the marriage. Let’s say you earn 60% of the income during the marriage. If you have a prenuptial agreement and get divorced, you will keep 60% of the earnings.” Prenups can also help establish your own rules for property division and limit potential spousal support.
However, if a couple gets married without a prenup, they still have the option of getting a postnuptial agreement. “A postnup is a contractual agreement drawn up after a couple gets married that determines how to divide assets, maintain assets and handle spousal support,” says Wade. “Postnuptial agreements are considered equally valid to prenuptial agreements. It does not matter if the agreement is signed before or after the marriage.”
It’s important to recognize that every couple’s situation is different, so a prenup or postnup may not be necessary for everyone. It’s best to contact an experienced attorney to determine what the best course of action is for your specific circumstance.