While a woman may occasionally ask a man for a prenuptial agreement, it is usually the man who asks a woman to sign a prenuptial agreement.
This naturally leaves most women feeling uncomfortable and unsure of what to think or how to feel. It is also highly common for my female clients to feel that signing a prenuptial agreement is going to put them at a disadvantage if the marriage ends in divorce.
This article will walk you through your concerns and guide you toward a fair prenuptial agreement. By the end of this article, you should have the confidence to begin negotiating a fair and reasonable prenuptial agreement.
What to Ask For When Negotiating a Prenuptial Agreement
When negotiating a prenuptial agreement, women should have the courage to ask for any of the following:
1. Demand a Full Disclosure of All Financial Assets and Debts
The first item on our list of what a woman should demand in a prenuptial agreement is full disclosure of all assets and debts. A prenuptial agreement must be fair. The only way to know if the agreement is fair and reasonable is to have full disclosure of all assets. Both spouses should prepare a statement of all assets and liabilities. The prenuptial agreement should reveal each party’s debts, assets, and sources of income.
2. Ask That Premarital Property Remain Separate From Marital Property
Premarital property is property acquired before marriage by one spouse. Women should safeguard their premarital assets to ensure they receive them back once the marriage has ended. It is very important that the prenuptial agreement includes a clause that says the woman can keep any property she owned before the marriage.
3. Protection From Your Spouse’s Debt
A prenuptial agreement makes it clear that debts incurred before marriage are the sole responsibility of the person who got into debt. This should include all student, personal, and business loans before marriage. Within the prenuptial agreement, you can stipulate which debts incurred during the marriage will be separate property as well. For example, if one spouse has a business that is separate property, the debt on that business should remain separate if divorce occurs.
4. A Specific Plan on Financial Responsibilities
A prenuptial agreement should also address financial obligations. No matter how compatible the two of you are as a couple, you are still likely to have different attitudes and opinions toward your finances. Make sure the prenuptial agreement specifies who will be responsible for the payments of the bills or if they will be paid out of a joint account or paid out of the nonmarital property.
5. Gifts Given During the Marriage Remain Gifts
During a marriage, spouses exchange gifts. During a divorce, it’s not unusual for men to try to get expensive gifts back. A gift clause in the prenuptial agreement lets each partner keep the things that the other gave to them.
6. Ask for Alimony
Alimony is essential for any parent who wants to stay home to raise their children. Even if you have no intention of giving up your profession if you decide to have children, you should still include alimony in your prenuptial agreement.
The dilemma is when a parent chooses to become a stay-at-home parent, they sacrifice their career and, of course, their source of income and financial independence. Their labor (i.e., caring for children) essentially becomes unpaid labor.
In the event of a future divorce, if stay-at-home parents are not safeguarded for a future divorce, they could be left with no income, assets, retirement, or a significant gap in their resumes. Alimony can safeguard a stay-at-home parent’s future financial security in the event of a divorce.
Consider this compensation for the parent’s unpaid labor and the risk they assumed by forgoing a profession. Consider inserting an alimony provision in your prenuptial agreement that will give alimony if you become a stay-at-home parent or in any other scenario that could result in an unfavorable divorce settlement.
The amount of alimony will vary in each case. The amount will vary depending on the incomes of the spouses. Typically, the higher the income of the husband, the higher the alimony for the wife. The amount of alimony you ask for should be discussed with your attorney to ensure you will be able to maintain your lifestyle in the event a divorce should occur.
If neither you nor your spouse is interested in alimony, consider lump sum payments or the division of marital and separate property. For instance, you may be entitled to half of your spouse’s retirement account or the marital house if you give up your career.
7. Include Your Children From a Previous Relationship in the Prenuptial Agreement
If you have children from an earlier relationship, include them in your prenuptial agreement. Put their financial security at the top of your priorities to safeguard their future. If your children are entitled to an inheritance, you must include this in your prenuptial agreement. Your husband cannot claim these inheritances as his own in the case of a divorce or untimely death.
8. Inheritance
Make sure that the prenuptial agreement addresses future inheritances you might receive. While an inheritance is generally considered nonmarital property, it’s essential that the prenuptial agreement set forth that future inheritances will remain separate, nonmarital property in the event of divorce.
9. Infidelity Clause
An infidelity clause specifies safeguards if one spouse is unfaithful during the marriage. These clauses are incredibly effective in no-fault divorce states. A clause regarding adultery defines the consequence of infidelity, including the amount the unfaithful spouse must pay to the faithful spouse.
10. Specify How Future Disputes will be Resolved
Include a clause in your prenuptial agreement that spells out how disagreements will be settled. This addresses the methods the couple may take if they wish to dissolve their marriage. It is more straightforward; therefore, it will save you time and money.
What is a Prenuptial Agreement?
A prenuptial agreement is a contract between two people who are planning to marry. The agreement specifies each party’s assets and liabilities, as well as their property rights and obligations, in the event of divorce.
If the marriage fails, the premarital agreement governs the distribution of the couple’s assets and liabilities.
What to Do If Your Fiancé Asks You to Sign a Prenuptial Agreement
If a man asks a woman to sign a prenuptial agreement, the woman has the right to see the entire document before signing and to negotiate terms if necessary. Before examining the proposed agreement, women should consult with an attorney to ensure they receive a fair arrangement.
You should not attempt to negotiate the agreement without the advice of an attorney. Most likely your fiancé received advice from an attorney in drafting the prenuptial agreement he is asking you to sign.
The Importance of Having a Lawyer Review the Prenuptial Agreement
Ideally, a prenuptial agreement should be drafted by a lawyer who is experienced in family law and experienced in the laws governing prenuptial agreements in your state.
Each person should retain their own independent attorney to ensure their interests are fully and fairly represented. Courts closely examine all prenuptial agreements. A court is more likely to enforce a prenuptial agreement if both parties have their own attorney review the contract.
If each person had their own attorney, there is a good likelihood the agreement is fair and that each party entered into the agreement in good faith.
Having your own attorney is also likely to help you understand any questions you may have during the negotiating and drafting of the prenuptial agreement.
Conclusion
If you and your partner believe that a prenuptial agreement is the best option for your financial future, discuss the pros and cons openly and honestly, and give yourself plenty of time to draft a preliminary agreement.
Remember what can and cannot be included in the prenuptial agreement. When you’re both ready to go, hire an experienced family law attorney to assist you in finalizing and filing the necessary documents. Nothing in life is guaranteed, but having a valid prenuptial agreement before you say your vows can give you the peace of mind you need to start your new life together.