More and more couples are opting for prenuptial agreements prior to getting married. According to Kiplinger, prenups spell out important financial decisions in the event of a divorce. This includes everything from how much alimony a spouse receives to dividing shared assets.
If you are the primary breadwinner, have many assets going into the marriage, or are a business owner, a prenup is crucial. It is also important to avoid the following mistakes, which ensures a legally valid document.
Do not wait too long to bring up the subject
Presenting a prenup to your soon-to-be spouse immediately before the wedding does not provide them enough time to reasonably review the document. Your partner might feel pressured or coerced into signing, which is likely to come up in the event of divorce. That is why you should present the completed document at least six months prior to the date of your wedding.
Do not include rigid or unfair terms
Certain terms are not valid within prenups. For example, these documents cannot specify child support amounts, as the court will make those decisions. The same is true of custody and visitation rights. You should also avoid unenforceable terms, such as rules regarding your spouse’s appearance or sexual intimacy.
Do not hide financial info
You must include all assets within your prenup. You must also be completely forthcoming about all financial information, such as the amount of money kept in financial accounts, properties you own, income, etc. Accuracy and honesty are crucial for a legally binding and valid prenup. Any hidden assets or false information will likely work against you.
Despite common misconceptions, prenups do not signal a problematic relationship. Instead, they provide you and your partner a road map in the event of a divorce, which reduces a lot of stress and anxiety during the process.