“Drafting a prenup is not divorce planning; it is an extension of estate planning,” writes Paczkowski, an attorney at Worcester law firm Bowditch & Dewey.
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10) Drafting a prenup is not divorce planning; it is an extension of estate planning. Without a prenup, the court may make decisions regarding your assets that are inconsistent with what your estate plan otherwise provides.
9) Prenups are not only for the wealthy. Many people assume they are only useful to protect family money or against a gold-digger. Regardless of your net worth, prenups may insulate you from your spouse’s debt, reduce contested issues (aka future legal fees) in a divorce, and retain your ability to provide for children of a prior relationship.
8) A well-drafted prenup can consider different possibilities. Some prenups will include different provisions based on the length of the marriage, such as increased alimony the longer the marriage lasts or a sliding scale for dividing assets based on the difference between the parties’ assets at the time of divorce.
7) Prenups may help reduce conflict and distrust during the marriage. Drafting and negotiating a prenup requires the parties to make full and complete financial disclosures.
6) Prenups cannot be used to determine child-related issues. These include topics relating to custody, parenting time, or child support.
5) Different jurisdictions treat prenups differently. It is important to consult with an attorney regarding which laws should be considered regarding drafting and enforcement.
4) Both parties need to be actively engaged in the process. That is, both partners should consult with their own attorney to ensure the agreement is fair and reasonable and both partners need to agree to its terms.
3) A prenup can help protect business interests. By defining what happens to the business in the event of divorce, you can avoid disruptions to business operations.
2) In most cases, prenups are not cost-prohibitive. Most can be prepared at a reasonable cost when compared to the potential cost of litigation.
1) A prenup helps the parties maintain predictability and control. Any time you put a decision in the hands of a third-party (e.g., the court), you lose control of the outcome.
