Is a Prenuptial Agreement Really Necessary?

The prenuptial agreement, or “prenup” is a private contract between couples before they marry that contemplates what will happen should a marriage need to end. Often, people consider the drafting of a prenuptial agreement to be a cynical act. This is because people can percieve these agreements as making negative assumptions about the future and about how people will behave should the marriage fail. In reality, the prenup is an important agreement that can help couples avoid many problems that can arise should a marriage dissolve. In this article, we’ll discuss the importance of writing a prenup and how these agreements when written to specifically address individual needs can benefit both partners to a marriage and their future family.  

Why the Bad Rap?

Media often portrays prenuptial agreements in a negative light in films and television. The media frequently releases prenuptial agreements of prominent couples like celebrities to stir up drama and attention. Discussions about prenuptial agreements sometimes antagonize an individual. These discussions often overlook an important detail: the couple drafts the agreement as a private contract to serve their best interests. There are endless reasons why a couple may think a prenuptial agreement is important to them, and often the agreement is about far more than financial arrangements in the event of a separation. 

A Unique Prenuptial for Every Couple

Every couple will have unique interests and concerns going into their marriage. Perhaps they have specific caring responsibilities for their family, own a business or have children from a previous relationship or relationships. No matter the circumstances, a lawyer can draft a unique prenup to address the needs of both partners. The process of creating a prenup is a useful opportunity for couples to discuss in detail many aspects of their future which they may have never even considered without professional help.

People commonly misconceive prenups as documents drafted in anticipation of a future divorce or separation. In reality, couples create prenups as a roadmap for navigating difficult situations together in the future. People often view the process of creating a prenup as an adversarial exchange between partners. However, it begins with reflection and communication. Prenups fairly represent and address both partners’ individual interests and their mutual interests as a couple, aiming to create an agreement that best suits their unique circumstances.

Prenups can provide exceptional support for couples facing difficult decisions relating to personal and shared finance and asset management, parenting, and what to do in the case of separation or divorce. This is particularly important for families with young children as prenuptial agreements can significantly simplify the process of separation and divorce, maintaining peace and shortening periods of family transition. 

Prenuptial Agreements as Part of a Comprehensive Estate Plan

Prenuptial agreements are also often an important part of a robust estate plan, making specific preparations in the unfortunate instance of the death of one partner. For example, a prenup can supplement individual or mirror wills with guidance for the surviving partner on the maintenance of their children and their inherited assets.

An example of a question often faced by couples preparing a prenup is as follows: Partner A and Partner B have adult children and a home. Partner A passes, leaving the majority of their estate to Partner B. Partner B eventually remarried and now has two children and a step-child. Upon Partner B’s marriage or death, how is the residue of Partner A’s estate to be managed? Will Partner B’s new spouse and step-children receive portions of Partner A’s testamentary wealth? A prenuptial agreement can provide extra details to support testamentary documents in establishing a couples’ shared intentions for their family assets in the event of a death in the family, potentially avoiding stressful and time consuming estate litigation.

No matter what their concerns are, couples should feel comfortable discussing and planning for the future with their partner. Prenuptial agreements can be an excellent opportunity to make these decisions together. If you’re curious about prenuptial agreements, or other similar private contracts like relationship agreements or cohabitation agreements, contact an experienced family lawyer today. We’ll make sure your agreement is drafted perfectly to suit your unique circumstances. 

Have a question about this topic or a different legal topic? Contact us for a consultation. Reach us via phone at 250-888-0002, or via email at info@leaguelaw.com.