There are many reasons individuals don’t get a prenup before entering into matrimony.
Above all, they may not know how to ask for a prenup. Weddings are a time of coming together, of unity; for obvious reasons, the days leading up to one’s wedding may not seem like the most opportune time to ask for a prenup. You don’t want your fiancée to think you don’t trust him or her.
Another reason individuals don’t get prenups is they don’t think they need one. Prenups are often looked upon as something for “rich people” or celebrities. However, believe it or not, a prenup may be the best wedding gift of all—regardless of your economic status.
Here’s the truth: If you don’t work with your fiancée to develop a prenup that both of you are comfortable with, you will have a prenup at the hands of the state government (by virtue of your state’s divorce laws). A custom solution for your situation versus a one-size-fits-all solution put in place by the government: which do you prefer?
An article in Forbes recommends that you think of a prenup like a will; if an individual passes
away without a will, the government, not family or friends, decides how the individual’s belongings and assets are distributed. The same can be said for couples that don’t have a prenup; their assets and property will be distributed according to state law.
While every couple should consider a prenup, there are some couples where it is more of a necessity. For example, if you own your own business or have some type of professional partnership that was built up before the marriage, you need to protect it.
Here are some tips to keep in mind if you’re considering a prenup:
- Oral prenups are not valid, so get everything in writing.
- Each party should have the prenup reviewed by their own legal representation. If this doesn’t occur, the prenup may later be found invalid.
- To ensure your prenup is valid, you need to be completely honest about assets and income.
- A prenup needs to be fair. If one party stands to get absolutely everything, then the agreement may be voided in court.
For the individuals involved, marriage is about love, romance, and starting a life together; however, those individuals must remember that, in the eyes of the government, marriage is very much like a contract. Ensure that you and your soon-to-be-spouse take control of this “contract” and protect yourselves, rather than leaving it up to the government to do so.