If you have a significant number of assets or family wealth that you would like to protect as you enter into a marriage, you may wish to consider drawing up a prenuptial agreement with the help of an attorney. However, as you may guess, asking your spouse to sign a document that will be used in the event of your divorce can be difficult and problematic. Below, we have shared four tips that can help you navigate the negotiation process and successfully draw up your agreement.
- Be aware of any power imbalances – In most cases, prenuptial agreements are used in situations where one partner has a lot more assets and property than the other person. This also usually means that the negotiation can be particularly fraught. Be aware of who has more leverage and try to openly discuss it.
- Make negotiations far ahead of the wedding – You might find yourself in a pickle if you are negotiating a prenup only weeks or a few months before the wedding—too close to call it off without serious consequences. Not to mention, if your spouse feels pressured to sign since wedding arrangements have already been made, a judge might consider the document unenforceable.
- Have a financial plan for your married life first – Before you discuss a divorce that you hope doesn’t happen, first discuss your ideal financial life as a married couple. A significant number of divorces involve money issues—make sure you have a plan for success as well as a prenuptial agreement in case of failure.
- Consider getting the help of a mediator – Because prenuptials discuss extremely sensitive matters—love and money—it may make sense for you and your partner to get the help of an experienced mediator who can help you talk through your conflicts. Getting a mediator doesn’t mean that you can’t communicate without one, it means that you care enough about your relationship to get help from a professional.
Want to learn more about prenuptial agreements, divorce law, and family law issues? Follow The Law Offices of Molly B. Kenny on Twitter.