People often feel very nervous to even mention prenuptial agreements, let alone ask important questions about them. This leads to a fair amount of confusion about exactly what prenups are and what they can do.
To help, here are a few important questions to ask:
1. Does it mean there’s no trust in the relationship?
It does not. Asking for a prenup does not mean you think you will get divorced. It just means you want to be legally protected if you do. Many couples sign prenups and never need to use them because they stay married.
2. Do you need to be rich?
Absolutely not. No matter how much money you have, it’s natural to want to protect it. In some senses, having less just makes it that much more valuable.
3. Should you just write it yourself and keep the document at home?
No. You must follow the proper procedures, writing it with your legal team and getting it approved. If you don’t, enforcing it is all but impossible.
4. Can you set a time limit?
You can. A common one is 10 years. If you and your spouse get divorced within 10 years of your wedding day, the prenup kicks in. If you get divorced after that, it no longer applies. You have a lot of flexibility to set this up any way you desire.
Prenups are a tricky subject. People do not often like to talk about them, even though they can be very helpful. Make sure you take the time to really look into all of your options and your rights.