How to Draw up a Pre-Nuptial Agreement

Although prenuptial agreements seem unromantic and the last thing you want to think about prior to entering into a marriage with the one you love, today having a pre-nup is as much a part of getting married as rings and cake. Remember, over 40% of all marriages end up in divorce. Why take the risk? Here’s how to draw up a pre-nup.

Instructions

Difficulty: Moderately Challenging

Things You’ll Need:

• Lawyers
• Lists of assets and debts.

1. Talk with your partner. The first thing to do is sit down with your partner and simply discuss the idea of drawing up a prenuptial agreement. Share your concerns and reasons for wanting one.
2. List your assets and debts. Each of you should write down a list of all of your personal assets and debts that you will be bringing into the marriage. Anything that you own or that is in your name remains your property up until you get married, so be sure to include everything.
3. Decide what to keep and what to share. Once you have your lists made, go through them and decide what assets you want to keep as yours. Remember, if you include the asset in the pre-nup, it will not become marital property.
4. Share your list. Give each other your respective list and mark any debts that you are not agreeing to take partial responsibility for. Remember, once married all debt not included in the pre-nup will be considered marital property and could be split 50/50 in a divorce.
5. Go to a lawyer. Each of you should have your own attorney. Bring your lists to your attorney and discuss what you expect to get out of your pre-nup agreement.
6. Draw up the pre-nup. The lawyers work with each other to draft an acceptable pre-nup agreement. Once the draft is done, you and your partner should review it together to make sure you each are agreeable.
7. Sign the papers. If you are both agreeable to the pre-nup, then the last thing to do is sign the papers. Remember, all parties involved, including the lawyers, should sign the papers.

Tips & Warnings

• If you and your spouse move out of state, take your pre-nup to a local attorney to see if any changes need to be made.
• Cohabitating people should consider getting a cohabitation agreement drawn up.
• Those entering a second marriage should always have a pre-nup drawn up as they will typically have more assets coming from the previous marriage.
• If you both use the same lawyer, there’s a chance that your pre-nup will not be recognized by a court.
• Pre-nups take time and should be drawn up months before the wedding.