What Is A Prenuptial Agreement?
1) A Prenuptial Agreement is an Agreement to Agree!
A prenuptial agreement or “prenup” is an agreement between two parties who are contemplating marriage. A common misconception is that a prenuptial agreement only deals with divorce. However, a prenuptial agreement can be used to take a “snapshot” of what the parties expect from one another, what they agree should happen during the marriage, and in the event the marriage ends in divorce. It is an agreement to agree. It is arguably the best way that two people have to attempt to avoid a huge fight in the event of a divorce.
2) A Prenuptial Agreement is the first step to communicating what is expected between two parties contemplating marriage!
If used correctly, a Prenup can be a great tool for facilitating communication between two people who are thinking about getting married. When a couple decides that they want to get engaged and consider getting married, often discussions of a prenuptial agreement are awkward and uncomfortable. Love is why people get married. You should not get married and be thinking about getting divorced. However, parties should be using a prenuptial agreement as a road map. The agreement should be reason the couple discusses a road map to their future and the prenuptial agreement should contain a snapshot of that road map. Where will the married couple live? How many kids will the couple have? Should the couple buy a house? Is one party thinking about going back to school? What should happen to the retirement accounts of each person if the couple gets divorced? If the couple has facebook or other social networking accounts, should there be rules to how each part behaves? Should their be a provision that says each party keeps their online accounts in the event of a divorce? If one of the parties parents get sick, can that person go live in the house? These things are all items that a couple should discuss if they are contemplating marriage and a prenuptial agreement should be a summary of the outcome of those conversations.
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