What is a Prenup?
All of Your Prenup Questions Answered by a New York Divorce Lawyer
J.Lo’s love might not cost a thing, but that isn’t the case for many people. Finances are the number two cause of divorce, which means that for many couples, love do cost a thing. When a couple can’t agree on finances while they’re in love, imagine how messy it can get once they decide to split.
To lessen the divorce chaos, couples should get comfortable talking about money before the nuptials and consider signing a prenup. Contrary to popular belief, prenups aren’t just for rich people but can benefit almost any couple. To help spread the word about how helpful and cost-effective prenups can be, I spoke with Crystal Villasenor, a New York divorce lawyer, to bring you all of the deets.
What is a prenup?
A prenuptial agreement (prenup) is a contractual agreement between you and your soon to be spouse that determines how you will divide your assets and handle your finances in the event of a divorce.
The key to creating a successful prenup is making sure both parties are well represented in the agreement. According to Crystal, many couples come to her and ask to get a quick prenup drafted that both are ready to sign. But the first thing she tells them is that they need to hire a second attorney. Why? Because a prenup involves one person agreeing to forego something for the other person if the couple decides to divorce. To ensure both people understand what they’re consenting to give up, each person needs their own advocate during the prenuptial agreement process. That way, neither person is underrepresented in the final agreement.
Hiring two attorneys also makes the agreement enforceable if one person tries to dispute it during the divorce. While a prenup is a binding legal document, that doesn’t mean it can’t be contested. One easy way for a divorce attorney to get a prenup thrown out is to say that their client didn’t receive proper counsel before it was signed. To avoid this pitfall each person should hire their own attorney.
What does a prenup cover?
The reason prenups aren’t only for rich people is because, regardless of socioeconomic status, most divorcing couples encounter…