Prenuptial agreements (PRENUPS) are contracts prior to the marriage that protects women and men in the event of a divorce. The most common stereotype is the prenup between the rich old man and his young trophy wife. That doesn’t hold true in reality, couples are waiting longer to get married and women are entering into marriage with more assets than twenty years ago and women need prenups more than ever.
- Premarital property. What is premarital property? Any property that you bring into the marriage. If you buy a home prior to the marriage and then you and your husband live in it, or you use it as rental property. Even if you reside in your home together, that does not make it marital and there is no requirement that you add your husband to the title. Premarital property applies to retirement as well. If you have an account before marriage, protect it with a prenup.
- Gifts. During the course of a marriage, generally there are a lot of gifts given back and forth. Predominantly jewelry is given to women from men. More so than jewelry given to men by women. A prenup can classify all gifts to belong to the recipient, allowing you to keep jewelry separate from the equitable distribution. Otherwise, you will see all of your jewelry will be appraised and divided during the divorce.
- Alimony. Alimony is spousal support and this is going to be very specific to each party. I recommend to women that they consider what role do they intend to have in the marriage? Do they think that they may take time off from their careers, sacrifice their career, or just dial it down in order to spend more time with the children and allow their husband's career to take off? I do not see anything wrong with that, and I think the most important thing is that as women we recognize what we're giving up. You can also agree that every year of your career you give up, you will be compensated in alimony and additional equitable distribution.
- Infidelity clause. Protect yourself. If he cheats on you make him pay because most states are no-fault. In divorce court, you're not going to get additional compensation for cheating. Now this can be reciprocal, and a lot of husbands will be like, "Hey, if you get it, so do I." If you're dealing with a lot of money and particularly if your husband to be has a history of cheating, I would absolutely put that in the prenup.
Lastly, you can't do it yourself. You must absolutely have a lawyer draft your prenuptial agreement and I recommend that you go to specifically a family law attorney and if you have any questions you can contact our office at thequicklawgroup.com.