The legal definition of a prenuptial agreement is:
1) a contract
2) between two people who are about to marry
3) regarding their respective property and support rights
4) upon termination of the marriage
5) by divorce or death, and sometimes regarding property rights during the marriage.
So here you are completely and utterly in love with your partner, ready to walk down the aisle and take vows to be together. You wait for the words, “for better or worst – till death do you part” and weeks before “Your Big Day,” you receive an envelope in the mail with “Your Big Prenup”. Are you insulted, confused, embarrassed, angry or do you smile and say thank you honey; by the way, here is yours. In reality, prenups are no longer the taboo “shhh” topic of the rich and famous. These days it’s more like a requirement and just as important as the bridal gown and flowers but not just on his behalf, but also on hers.
Plan to make sure the ink on both the prenup and your partner to be will be dry at least a few months before the wedding. Depending on the couple’s financial situation and the assets in question, a prenup can take months, weeks or days to negotiate, and who wants that looming over them just before you walk down the aisle! Why would you want a prenup you ask? Well, it’s just like an insurance policy; you have it in case something breaks. Don’t get me wrong, I believe that marriage is a sacred union between two people. It is sacred and is intended to last forever, but what if it doesn’t? So why not protect yourself in case the person you married, this amazing man or woman of your dreams turns out to be your BIGGEST nightmare!
There are many myths and misconceptions about prenuptial agreements, but the bottom line is that this document is personalized and custom fit for your needs. Make sure to get your attorney to negotiate until YOU are happy and comfortable. Yes, marriage is a partnership and just like wisdom dictates that one should draw up the proper documents to secure your investment when starting a business partnership, a prenup is a wise decision when beginning your marriage partnership. Unromantic you say? I say practical. As women, often times we choose not to look at the “what if’s” until it’s too late and by then you might find yourself “Waiting to Exhale” like Angela Basset burning down the driveway.