Prenups, Prenuptial Agreements, Premarital Agreements, PMAs: Top 7 Things You Need to Know Before You Get Married

1. Not all engagements (or marriages) are the same

This means exactly what it says. In the same way that proposals vary in location, timing, rings…extravagance versus simplicity, huge gestures of admiration versus private words, public shows of affection versus quiet time alone – a marriage is the same. Two people deciding to spend their lives together is one thing and deciding to make it official is entirely another. A marriage automatically changes things under State and Federal laws (taxes, benefits, rights) but internally can change the dynamic if the two parties allow.

2. Get on the same page before you walk down the aisle

Talk…talk again…then talk some more. About what? You need to talk about everything. Short term versus long term goals individually and as a couple (ie. career, children, education, money, travel, retirement). For the timing of a lifetime together, what is the plan for the next year, five years, ten years, 20 years? Are there specific goals or dreams to achieve alone or together? What are your deal breakers (ie. cheating, spending frivolously)? How do each of you spend your money? Save your money? Invest in high risk or safety?

3. Fully disclose all income, assets and debts

A premarital agreement is a binding contact entered into voluntarily between two parties with the intention of getting married, which then makes it effective. One of the key components to the validity of any premarital agreement is disclosure of your employment, income, all assets and all debts. If you have an interest in something or own something, you need to disclose. Failure to disclosure can result in a myriad of legal problems down the line, including one party challenging (often successfully) the terms of the premarital agreement because they were unaware of the extent of the other parties’ financial picture.

4. Talk through your expectations

Expectations for DURING THE MARRIAGE and IN THE EVENT OF DIVORCE are the two main goals in discussing how things can run smoothly. What are your respective plans for employment or roles in the home? What are the plans for purchasing a home, car, or other large investment? What are the plans for savings, investing and retirement? What are the plans for monthly budgeting and spending? Are there special events or things considered for travel or other mutual goals? Then, what will happen in the event of divorce? How will the assets and debts be divided? What do you think is fair and equitable? The best time to discuss divorce is when you are on the path to be happily married. It is when you are in love mode.

5. Hypothetical kids (and child support) are off the table

Premarital agreements should not discuss or even consider hypothetical, future children, especially when it comes to child support, education or any child-related expenses. It is off the table for this contract to be binding under the law.

6. Filling out a form you found online is still just a form

A true premarital agreement is drafted by matrimonial lawyers who have decades of experience in the field. This is important in many aspects, including what to expect as far as loopholes and noting the loose language problems can cause. An experienced divorce lawyer has seen it all and can anticipate, through drafting language, protections and considerations that you may not think of on your own. With nearly 25 years of experience in the matrimonial and family law field, the best prenups are those drafted by lawyers in this field. The rest are up for challenge in court.

7. Finalize and sign the agreement in advance of the wedding date

If you are contemplating marriage and a premarital agreement is a topic then do not hesitate to contact an experienced matrimonial and family law firm now. Jennifer Ward of Ward Family Law, LLC has decades of experience and can guide you from start to finish into wedded bliss. Do not wait until the last minute, as a premarital agreement should be drafted, signed and executed well before a wedding date to avoid any challenges to the legality of the timing (ie. duress, unfair, etc). Do yourself a favor and get the initial consultation underway (jward@wardfamilylawchicago.com or 312-803-5838).