So you think you may want a prenuptial agreement. Well, you may ask, “What do I need to consider when deciding whether I want a prenuptial agreement ?” The major areas of consideration are timing, representation, disclosure and declarations of rights under any agreement.
The timing of the submission of the agreement to the parties is extremely important. Failure to timely submit the agreement to each party in timely fashion may result in the agreement being overturned. Handing over the agreement to your “spouse to be” a couple of days before the big event is never a good idea.
It is important to submit the agreement to the parties far in advance of the event to allow time for review, negotiation and redrafting of the provisions of the agreement. For many “couples to be” , a prenuptial agreement is an opportunity for crystalization of the couple’s thoughts regarding their upcoming marriage in relationship to their individual and soon to be joint property. For others, a prenuptial agreement is the first time they have conceptualized their marriage in the context of property and ownership. The prenuptial process is often an eye opening experience for both parties. Early submission allows each party time to consider their desires and feelings regarding their upcoming marriage, and if necessary negotiate differences of opinion well in advance of the “big day.” It is also an opportunity for those who may have had an unsuccessful experience in a prior relationship to correct areas of exposure in this new relationship.
Regardless of the reason, it is generally prudent to broach the concept of such an agreement earlier, rather than later in the pre-matrimonial process. From a legal as well as a personal perspective, early discussions regarding such an agreement and its contents can prevent a host of heartaches down the marital road. If you think a prenuptial agreement may need to be a part of your future, contact a matrimonial professional to evaluate the pros and cons of a prenuptial agreement. Make sure you do so earlier rather than later in the pre-marital process.