What You Need to Know About Prenuptial Agreements
When it comes to prenuptial agreements, many people have a basic understanding of how they work. However, there are many details surrounding them that people may not be familiar with. One of the most commonly misunderstood details is how to approach the subject of prenuptial agreements with your fiancee.If you wish to bring up the option of a prenup with your soon-to-be-spouse, make sure to do it as early as possible. As long as the two of you have been open and honest with each other throughout your relationship, the mention of a prenuptial agreement should not be too surprising.
Nancy Dunnan, a New York City financial advisor and author, suggests that couples discuss prenuptial agreements even before the engagement. “Let your intended know you believe these agreements are important and that you would like to go over the topic.”
Once you and your soon-to-be-spouse have decided that you wish to create a prenup, the first step is to sit down and discuss what you what the contract to say (essentially). Create a list of debts and assets so that you have a general idea of what you want before contacting an attorney; this is how you can save money. Typically, fees for prenuptial agreements depend on how long they take to draft. Don’t be afraid to ask an attorney up front what the estimated charges will be. In regards to attorneys, make sure to hire two separate ones so that an enforceable agreement may be reached.
When drafting a prenuptial agreement, the most important ingredient is honesty; both you and your fiancee must fully disclose your assets. A judge may toss out the contract if it comes to surface that one party has hidden something. The agreement must be signed well in advance of the wedding, this way you both have time to back out if any of the terms make you uncomfortable.
There are many pros and cons to consider when approaching a prenuptial agreement. If you and your soon-to-be-spouse feel that a prenup would benefit you, make sure to contact an experienced Illinois family law attorney to assist you.