Play It Smart: Mistakes to Avoid When Making a Prenup Agreement

Prenuptial agreements are in high demand for quite some time now. Surveys showed that in the last 20 years the prenup demand was increased fivefold, and especially among the younger married couples. That is all due to the high divorce rate and the fact that Millennials get married later in life after they're 30 more precisely when they already gained some property and financial resources of their own. For Millennials prenups are a way to protect what they've earned and are also a way to avoid taking on their partner's debts after the divorce. But since these types of agreements are tricky for their emotional load, people easily overlook some things and tend to make mistakes.

Avoid the subject with your partner

Divorce is already an uncomfortable topic, but prenup some might find even rude. This is the general belief when it comes to talking about the property and belongings with someone who you plan to share your life with. You may even consider it to be bad luck to discuss such gloomy things and ruin your happily ever after. But avoiding the talk won’t make the subject go away, and the fact still remains that discussing it with your partner is more beneficial than avoiding an open conversation.

To make it easier, write down all you think is important for your prenup and create an environment which will make you both comfortable to have a talk. Remember, openness is one of the main factors of a healthy and honest relationship.

You didn’t include some details

It’s normal to forget to include something in the prenup, but omitting something big like a bank account, house or another car is more than just the memory lapse. Prenups serve to divide the property owned by both spouses after the divorce, so it's no surprise that some people think of concealing their assets or debts from their partner and consequently the agreement. But bear in mind that this will create an embarrassing and detrimental situation for you since this kind of behavior is considered as fraud and the agreement can be challenged before the court.

The same applies if the person was coerced into signing or was unaware of the spouse’s wealth.

Involve emotions

There are several reasons why you might get too emotional when it comes to the prenup. Firstly, money is always a sensitive subject to discuss even with someone you plan to share your life with. The fact that it's also the main cause of arguments and divorce doesn't boost your bravery as well. Another uncomfortable aspect is talking about dividing assets and divorce before you even got married. Some may see it as a bad omen, while others just don't want to accept the possibility of marriage to end.

Unfortunately, you can’t avoid emotions but you can calm the things down by taking breaks and understand that this is all in the best interest for you and your future spouse, as well as your marriage.

You rush it

People tend to either avoid prenups or rush the whole process, only so they could get it over with as soon as possible. This is normal behavior for stressful and painful situations. But there are also cases when people were pressured by others, like family members or friends, to rap it all up as quickly as possible so the preparations for the wedding could proceed. Before you hear other suggestions, talk to your lawyer about what you want and consult them on the best possible options.

Don’t feel guilty if you need time to come to a decision or to calm down. A prenup is something that will define your life and your life after the divorce, so don’t rush it or you might regret the choices you made in haste later.

You hired the same lawyer

Never hire the same lawyer as your partner. This is more so you could achieve a comfortable and fair environment for negotiations, than because of the possible machinations. Divorce parties don't use the same lawyer so it's only fitting to do the same when it comes to drafting and signing the prenup agreement. All experienced lawyers will advise you against using the same lawyer due to the possible inaccuracies, lapses and oversights which can consequently lead to the invalidity of the prenup agreement. It can also be very difficult for a lawyer to be impartial and exclude bias from his job, which can create confusion and disorder.

In the end

There is no easy way to sign a prenup or discuss one. It’s one of those sore topics you tend to avoid and negate their existence. But as painful as it may be, it is also a practical and smart measure to ensure that divorce, if ever comes to one, goes as smoothly as possible with the minimum emotional scars to both you and your spouse. 

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