No one wants to think about the end of their marriage—particularly at the beginning. But if you don’t properly plan for the unthinkable, you may invite disaster. What’s more, a prenuptial agreement can be a good opportunity for an engaged couple to talk about money, debts, and financial responsibilities for the first time. And since one of the leading causes of divorce is money troubles, having this conversation early on can give your marriage a solid bedrock to build on.
Who Needs A Prenup?
Our society often sees a prenup as only used by the incredibly wealthy. We picture a miserly old man having a prenup drafted to ensure his new wife will get nothing if she leaves him. This opinion of the prenup is an outdated one, however. A prenuptial agreement is mainly used by individuals who have had multiple marriages and children from a previous one. It’s a safety net that ensures that the financial trust or will they have set up for their children is not part of any divorce agreements in the future. Another group that the prenup can help are those who are marrying individuals with excessive debt. A 2019 survey showed 27% of millennials keep their credit card debt a secret from their partners. A prenup can ensure that any debt accrued before or after the wedding by one partner does not impact the other’s life.
When Should I Sign A Prenup?
By definition, a prenup should be signed before you get married, but it may be unenforceable if signed too close to the wedding. How long before the big day depends upon the facts and circumstances of each case. The key is to allow your spouse plenty of time to work out all the intricate details and give your spouse time to review the prenup with their lawyer.
For your prenup to be considered valid and lawful in Ohio, you must first ensure that it is entered into freely without fraud, duress, or coercion. It must also contain a full disclosure of all incomes and assets, and the terms must not promote or encourage profiteering by divorce.
If you have questions about your prenuptial agreement, call Garretson & Holcomb, LLC at (513) 863-6600.